Consignment Stock Payments - Selections window

Use the Consignment Stock Payments - Selections window to select the:

Consignment Stock Payments - Selections window – key fields

Field	Description
Business Unit	Business unit at your organisation that consignment payments are being processed for.
Min Payment to Supplier	If the amount due to the creditor is less than the Min Payment to Supplier, no payment is made and the amount owing is carried forward to the next consignment stock payment run.
Commission Percent	Percentage commission received by your organisation for selling the consignment goods on behalf of creditors, such as parents. The commission for consignment stock includes GST, in Australia and New Zealand. For example, a 10% commission on a $100 sale results in: $9.00 commission and $1.00 GST in Australia $8.50 commission and $1.50 GST in New Zealand.
Commission G/L Code	General ledger code to allocate the commission paid to the organisation.
Commission Tax Code	Tax code used for tax treatment.
Purchases G/L Code	General ledger code to allocate the amount paid to creditors.

How the G/L codes work for consignment stock

The commission for consignment stock includes GST, in Australia and New Zealand.

For example, a 25% commission on a $100 sale in Australia results in:

$25 commission divided between:
- $2.27 credited to the GST G/L account (10% GST)
- $22.73 credited to the Commission G/L account (net of GST).
$75.00 credited to the Creditors control account.

Consignment Stock Payment diagram

In New Zealand, the same example results in:

$25 commission divided between:
- $3.26 credited to the GST G/L account (15% GST)
- $21.74 credited to the Commission G/L account (net of GST).
$75.00 credited to the Creditors control account.

Last modified: 4/10/2012 12:05:31 PM