How to track consignment sales

We have not built any consignment specific functionality in Flipwise as of yet, but you can still use Flipwise to track everything.

• Give each person you consign with a unique purchase location in Flipwise, such as the person's name, and log the details of the deal (such as the address, percentage being split, etc.) in the Notes section of the purchase location.
• Assign all items in your inventory for that consignment deal to that purchase location.
• Give a purchase price of $0 for every item that is being sold on consignment, which will give it a "clean" net return when it sells with the only deductions being the selling and shipping expenses.
• Track the ongoing performance of that consignment deal by viewing the purchase location detail page, which will show you how many items from that consignment deal have sold and for how much. You can print this out for the people you consign with if you'd like to share the details with them.
• With a $0 purchase price, the net return as reported on the purchase location detail page can be used to calculate the payout depending on your split with the consignee. So if you are contracted to split the net return 50/50, use 50% of the net return as the payout amount.
• Log the payout amounts as an Expense in Flipwise Ledger (and associate them with the individual sold items if you want), which will then be reflected as additional selling expenses on your Income Statement and tax report which gives you an accurate view of your profit and lowers your taxable income appropriately. Use a unique Ledger Vendor for each consignment deal so that you can track all payouts for related to each consignment deal.