In Odoo, handling consignment (buying and selling stock without owning it) involves specific configurations to manage inventory and financial transactions effectively. Below are the steps to set up consignment operations in Odoo:
1. Set Up Consignment Locations
Consignment stock typically requires separate inventory locations.
Create Vendor Location:
Go to Inventory → Configuration → Locations.
Create a new location for the consignment stock (e.g., Vendor Consignment).
Set the location type to Vendor Location.
Create Customer Location:
Create another location for consignment stock for customers (e.g., Customer Consignment).
Set the location type to Customer Location.
2. Manage Incoming Consignment Stock (Vendor Stock)
Consignment stock remains owned by the vendor until it is sold. You need to manage stock transactions without affecting your financial accounts.
Steps:
Create a Purchase Order:
Create a purchase order but don’t validate the invoice.
Add the consignment products with their quantities.
Receive Products into Vendor Location:
When receiving the products, ensure the stock is recorded in the Vendor Consignment location.
The system records the products but does not create a financial liability until the products are sold.
3. Sell Consignment Stock
When selling consignment stock, you need to account for the transfer of ownership and record the liability to the vendor.
Steps:
Create a Sales Order:
Create a sales order for the customer and confirm it.
Deliver the products from the Vendor Consignment location.
Record Vendor Liability:
For every product sold, generate a vendor bill to account for the cost of goods sold (COGS).
Match the quantity sold with the quantity billed to the vendor.
4. Return Unsold Consignment Stock
If unsold stock needs to be returned to the vendor:
Create a Return Picking:
Navigate to Inventory → Operations → Transfers.
Select the consignment receipt and create a return for the required products.
Process the Return:
Move the products back to the vendor from the Vendor Consignment location.
5. Configure Accounting for Consignment
To ensure proper financial tracking:
Link the consignment stock locations to specific stock valuation accounts.
Define custom journal entries to record the movement of consignment stock and COGS.
6. Reports and Reconciliation
Use the Inventory Valuation Report to monitor consignment stock levels.
Reconcile vendor invoices with consignment sales to ensure accurate payment records.
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