Consignment Inventory | Inventory Control Overview

Consignment Items

Consignments can be used to keep track of inventory that you don't own, but at the time you sell it, you must pay for it. You'll be able to generate several reports, including a list of inventory that is on consignment but not sold and a list of inventory sold on consignment, but not yet paid for.

Floor Plan Inventory

Floor planning is very similar to consignment, except that you take possession and own the inventory when you receive it, but you don't have to pay for it until it's sold, or until it's been in the store for a negotiated period of time. However, you do own the inventory and do have to pay for it sometime.

Some floor planning companies want the ability to check the inventory serial number by serial number for the larger items, and others may just want to count the number of each model number on hand. Regardless, Windward System Five can handle it.

On the accounts payable side, you will be able to keep track of who you owe the money to (Floor Planning Company) and who you actually bought the inventory from (Supplier) and generate proper histories of each.