What is Consigement stock & which accounting entries are
posted at the time of GR?
Answers were Sorted based on User's Feedback
Answer / anan
At GR there is no account postings...
only when goods are withdrawn for consumption/to own w/h
from consignment w/h account posting happens @ the price
mentioned in consignment info record.
Is This Answer Correct ? | 25 Yes | 3 No |
Answer / venkatesh kumar
At the time of issue
consignment payable A/c Credit
Material Consumption A/C Debit
At the time of settlement
Vendor A/C Credit
Consignment Payables Debit
Is This Answer Correct ? | 18 Yes | 2 No |
Answer / suneel ande
Consignment PO: -
During GR (MIGO)-No FI Entry will be generated during GR
During TP (MIGO)-Transfer to own Stock
(BSX) Stock Account - Dr
(KON-Blank) Consignment Liability A/c - Cr
During GI (MIGO)-GI from Consignment Stock
(GBB-VBR) Consumption Account - Dr
(KON-Blank) Consignment Liability A/c - Cr
During IR (MRKO)
Consignment Liability A/c - Dr
Vendor Account - Cr
Is This Answer Correct ? | 9 Yes | 0 No |
Answer / mithun
After GR no accounting document will trigger only material document will trigger and we can own consignment stock by following two ways
a) mb1b 411 k Transcation event keys:BSX inventory raw mat
KON Account payable
AKO loss /consumption
b)migo goods issue others 201 k
Transcation event keys:GBB rm consumption
KON Account payable
AKO loss /consumption
Is This Answer Correct ? | 5 Yes | 1 No |
Answer / sujan
CONSIGNMENT STOCK:- The stock supplied by the vendor is in
the companies premises with the company having no liability
for the same.The liability for the company will only be
affected when the goods are issued from the consignment
stock to use.
While posting from GR the movement type will be
201-consignment to stock.
Is This Answer Correct ? | 17 Yes | 16 No |
Answer / abhisek pattnayak
No Accounting doc,Only Material document is created,
Is This Answer Correct ? | 0 Yes | 0 No |
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