Guided Tour
Year End with ConsignPro
Below is some important information about Year End with ConsignPro. It will make your life easier. Year End Instructions.
Several numbers will be needed by your accountant to prepare your Federal Tax Return. Many of these numbers come directly from ConsignPro. Below are instructions for obtaining some commonly asked for numbers from the ConsignPro system. These numbers are best obtained on the last business day of the year or the first of the new year (before any other work is done). You may wish to print this page!
GROSS SALES - Gross Sales are best obtained on the Sales Activity Report which you can print on the Reports page. Run the report for the entire year and print it to the screen. Go to the last page and record the GROSS SALES total.
DISCOUNTS ON SALES - Sales discounts are best obtained on the Sales Activity Report which you can print on the Reports page. Run the report for the entire year and print it to the screen. Go to the last page and record the DISCOUNTS total.
STATE SALES TAXES PAID - This number is best derived from the cancelled checks or state sales tax forms you filled out (presumably) four times during the year as you paid your quarterly state sales tax obligation. More information on calculating your state sales tax obligation can be found on our accounting web page.
MONEY PAID TO CONSIGNORS - To find how much you paid consignors throughout the year, run a "Consignor Payout" report on the Reports page for the year (ie. 1/1 thru 12/31). Print the report to the screen and go to the last page. Write down the total amount paid to consignors.
MONEY OWED TO CONSIGNORS * - On the Reports page print a "Consignor Report" (Balance greater than zero) to the screen. Record the total money owed to consignors on the last page of the report.
COST OF GOOD SOLD (STORE OWNED ITEMS) - To determine the total cost of store owned inventory that was sold throughout the year run an "Inventory Lookup Report" on the Reports page. Put in the consignor id associated with the STORE account, make the Status "Sold", and put in "Sold Dates" for the year (1/1 thru 12/31). Click Continue and then Print the report to the screen. On the last page, write down the "Total cost of store items". Repeat this process for any other consignor id numbers you may have created to sell "store owned" inventory.
COST OF GOOD SOLD (VENDOR ITEMS) - To determine your total cost of goods sold for vendor item sales during the year, run a "Vendor Sales Report" on the Reports page for 1/1 thru 12/31. If you'd like a breakdown by account, put a check in the "Sales by vendor" checkbox. Print this report to the screen. On the last page you will see the total COST of those vendor sales. This number is only accurate if you correctly calculated and entered the split percentage when the vendor item was initally added to the database. More info on how cost of goods sold is calculated can be found on our accounting web page.
YEAR-END INVENTORY VALUE (STORE ITEMS) * - To determine the total value (ie COST) of your ending store inventory run an Inventory Lookup Report on the Reports page. Make the Status box "Store", click Continue, the click Print. On the last page of the report you can find the "Total cost of store items". This is the total value of store owned items. This number is only valid if you run this report at the end of the year or immediately in the beginning of the new year and if the Store Cost was entered correctly when the store item was added to the database.
YEAR-END INVENTORY VALUE (VENDOR ITEMS) * - To determine the total value (ie COST) of your ending vendor inventory run an Inventory Lookup Report on the Reports page. Make the Status box "Vendor", click Continue, the click Print. On the last page of the report you can find the "Total cost of all items". This is the total value of vendor items. This number is only valid if you run this report at the end of the year or immediately in the beginning of the new year and if the "Split Percentage" was entered correctly when the vendor item was added to the database. The split percent should approximate the cost of the item as a percentage of the "Rack Price".
YEAR-END INVENTORY VALUE (CONSIGNED ITEMS) * - To determine the total value (selling prices) of your ending consigned inventory run an Inventory Lookup Report on the Reports page. Make the Status box "Available", click Continue, the click Print. On the last page of the report you can find the "Total of all items shown". This is the total value of consigned inventory.
OTHER IMPORTANT YEAR-END TASKS
- On the Shutdown screen, remove the check from the "Remove invoices over...days" checkbox. Leave this box un-checked until you (and your accountant) are confident you have all the information you need to complete your tax return.
- Backup your database onto a new flash drive, portable hard drive, or CD. Label it "YearEnd" and store it in a safe place.
* The reports marked with an * shown above will only be accurate if run at the close of business on 12/31 or immediately before business resumes in the new year.
** Visual Horizons Software LLC (and its creator Brian Wilson) are typically absolved of any liability associated with mistakes, omissions, or errors that may be in the ConsignPro program. This release of liability is discussed in detail in the DISCLAIMER that you accepted when you installed ConsignPro. For particular wording of this disclaimer, please click "Help" / "Disclaimer" on the top of the ConsignPro Main Menu.
