Get Consignment Account

The Consignment Account is an essential document used to record transactions related to goods sent on consignment. This guide will provide you with step-by-step instructions on how to accurately complete the Consignment Account online, ensuring clarity and ease throughout the process.

Follow the steps to fill out your Consignment Account efficiently.

1. Click ‘Get Form’ button to obtain the Consignment Account form and open it in the online editor.
2. Begin with the journal entries section for goods sent on consignment. Record the entry by debiting the Consignment Account and crediting the Goods Sent on Consignment Account to reflect the goods sent.
3. Next, document any expenses incurred by the consignor. Debit the Consignment Account and credit the Cash or Bank Account to capture these expenses accurately.
4. If a bill is drawn by the consignor on the consignee and accepted, create a journal entry debiting the Bills Receivable Account and crediting the Consignee Account.
5. In case the consignor discounts the bill with their bank, make sure to debit both the Bank Account and Discount Account while crediting the Bills Receivable Account.
6. For expenses incurred by the consignee, debit the Consignment Account and credit the Consignee Account accordingly.
7. When sales are made by the consignee, debit the Consignee Account and credit the Consignment Account to record the sale accurately.
8. Assess the Consignment Account: if the credit side exceeds the debit side, reflect the profit by debiting the Consignment Account and crediting the Profit and Loss Account.
9. Conversely, if the debit side is greater, record the loss by debiting the Profit and Loss Account and crediting the Consignment Account.
10. Review the Consignee Account. If the credit side is larger, debit the Consignee Account and credit the Cash or Bank Account to settle payments.
11. If the debit side exceeds the credit side, make the needed entry by debiting the Cash or Bank Account and crediting the Consignee Account.
12. Finally, to close the Goods Sent on Consignment Account, debit the Goods Sent on Consignment Account and credit the Trading Account, ensuring all transactions are accounted for.
13. Once all fields are completed, ensure to save your changes or download the form for your records.

Complete your Consignment Account online today and streamline your financial documentation.