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ConsignPro Accounting Information
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We set this page up to explain to new store owners, accountants, and bookkeepers how ConsignPro keeps track of money coming in and leaving your shop.  We’ve tried to answer the most commonly asked questions below and hope you find it helpful as you do your bookkeeping.  Although ConsignPro is a great tool to help you run your business, it is not a substitute for a good bookkeeper or accountant!

Basic Accounting overview

First a quick (and admittedly simplistic) overview of store accounting:
Store Profits = Sales – Discounts on sales – Cost of goods sold – other expenses
ConsignPro tracks everything except "other expenses". This is described next in detail.

What accounting work does ConsignPro do for me?

ConsignPro tracks ever dollar coming into your shop (sales) and every dollar you pay out to your consignors.  In addition to sales dollars, ConsignPro also tracks: discounts on sales, sales taxes collected,  un-taxable sales, and consignor credits used during sales.  These numbers are available on several reports including our “Sales Activity Report” and “Income Statement”.  Both reports print automatically during our Shutdown processing or can be printed at any time on our Reports screen.

What numbers doesn’t ConsignPro track?

ConsignPro doesn’t track payments you make for “other expenses” (employee payroll, rent, supplies, utilities, etc).  Some store owners use QuickBooks to track these type of expenses, others simply use Microsoft Excel or pen-and-paper.

Does ConsignPro integrate with QuickBooks?

Yes.  ConsignPro has an integrated “QuickBooks data bridge” that moves both sales and consignor payouts (checks and cash payouts) from the ConsignPro database to QuickBooks – as frequently as you’d like.  Both sales numbers (invoices) and consignor payouts (checks) are passed on a detailed basis so that you can post cleared checks returned by your bank using the check number.  Our data bridge can be accessed above the Main Menu using the QuickBooks menu option.  More info on the export can be found in the ConsignPro User Guide on our QuickBooks data bridge page.

Does ConsignPro come with QuickBooks?

No. QuickBooks is sold separately and can be purchased online or in most office supply stores.

What Versions of QuickBooks do you support?

ConsignPro integrates with all versions of QuickBooks except for their “online version”.  In short, any version that installs on your computer hard drive is compatible with ConsignPro.

Is more information the QuickBooks data bridge available

Yes, we've created a very detailed information page where we fully describe how the data bridge works and how to use it. Visit the QuickBooks data bridge information page.

Do you integrate with any other accounting software?

We also can send consignor payouts (checks) to Quicken.  We don’t integrate with any software other than QuickBooks and Quicken.

What is the best report in the system to use for accounting purposes?

ConsignPro has many financial reports in the system – each presenting information in a different way.  The best report to use for accounting purposes is the detailed version of our “Sales Activity Report”.  This report can be run for any period of time and totals are shown on the last page.  The 2nd best report to use is our “Income Statement” which provides a more summarized picture of your business finances.

How do I calculate my state sales taxes owed each quarter?

Start with the detailed version of the Sales Activity Report and find the grand total for “Gross Sales” on the last page.  Subtract from that number the grand total for “Discounts”, also on the last page.  Next, run the “Sales Activity Report” with the “Untaxed sales only” box checked.   Subtract the “Gross Sales” number on that report from your total.  Lastly, on the “Sales Activity Report” see if there is a section for “Balance adjustments”.  If so, subtract that sub-total from your total to come up with “Total taxable sales”.  Multiply that number by your state tax rate to calculate the amount you owe the state.

Why doesn’t the amount of taxes I collected match the amount I owe the state?

Assuming you followed the above instruction for calculating sales taxes, the numbers should be fairly close.  Any difference is probably due to rounding, as you can’t collect the fractions of a cent due on every sale that you made.  Those fractions add up over thousands of sales made each quarter and may cause your collected to be different that the amount you actually owe.

What should I do for accounting at year-end?

We have created a special year-end accounting web page that will help you get the numbers you need for your tax accountant.

Can I setup different sales tax rates for the different types of items I sell?

Yes.  As you setup our “Types” list in the system, you can select the tax rate that applies to that type of inventory.  Or, you can also specify that that Type is non-taxable.  Then, as you add that type of item to the system, the system will tax it accordingly.  You set this using the “Flexible Terms” checkbox on our Maintain List screen as you setup your “Types” list in the system.

What if my customer has a Tax ID number and is tax exempt?

You can remove all tax from any sale by removing the check mark from the “Tax this sale” check box on the Make Sale screen.  The entire sale becomes un-taxable instantly.  Then, using the “Get Cust Info” button, you can record the customer’s name and Tax ID number.

Can I make a sale and not have it show on my Sales reports?

Yes.  In the case of selling an item to an employee, or yourself, you can have the system sell the item and pay the consignor without recording any revenue to the store.  On the Make Sale screen, simply remove the check from the “Record sale on sales reports” check box.   This option is only available to employees who are logged in as the store owner.  A warning message will also appear when you remove the check mark.

My shop is in Canada, do you support our dual-tax rate system?

Yes.  Since it was created, ConsignPro was setup to handle GST, PST, and HST (British Columbia only) tax rates.  You can setup these tax rates using the “Canadian use” check box on our Maintain Store screen and the system will collect and report on both taxes on our “Sales Activity Report” and the “Income Statement”.  We have hundreds of Canadian customers who love ConsignPro!

How is my Inventory Expense (cost of goods sold) calculated in ConsignPro?

  • Consigned Items: The cost of selling a consigned item is calculated by multiplying the final selling price of the item times the split percentage that is on the item when it is sold.  This is usually the same amount that the consignor is paid for the item.
  • Vendor Items:  The cost of selling a consigned item is calculated by multiplying the final selling price of the item times the split percentage that is on the item when it is sold.  When you add a Vendor item to the database, you should set the split percent to reflect the cost of the item as a percentage of the Rack Price.  For example, if you paid $3 for an item that you are selling for $9, the split percent would be set to 33% ($3 divided by $9).
  • Store Items:  The cost of selling a store item is the amount in the "Store cost" field on the Add Inventory screen.   The cost of selling items that moved to the store account from consignor accounts when they expired is zero.

Inventory expense is recorded on financial statements when a sale is made in ConsignPro.  Inventory expense is deducted from financial statements when a void (or customer return) is done.  This number is available on our “Income Statement”.

Why doesn't the consignor account balance match the account activity screen?

The consignor account balance should match the final balance on the account activity screen.  In a few instances, those numbers may get out of balance:

  • If someone deletes an account activity record by double-clicking on the date next to that activity record.  In this case, the balance is not updated by the system and must be changed manually to put the account back in balance.
  • If someone changes the consignors account balance (using the Account Balance button) and removes the check from "Write an account activity record" check box.  The system will warn you that this will create an out-of-balance situation but allow you to do it.

In either case, the account needs to be put back in balance.  Once you determine what the correct balance is, give our Support Team a call and they can assist you with making both numbers agree again.  You may also, above the Main Menu, click "Tools", "View activity log".  Transactions such as the two above are recorded in this log file.  You can use "Edit", "Find" to locate the consignor id or item number you have in question.

 

***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.

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