What is Consigement stock & which accounting entries are posted at the tim

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What is Consigement stock & which accounting entries are
posted at the time of GR?

Question Posted / guest

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What is Consigement stock & which accounting entries are posted at the time of GR?..

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only when goods are withdrawn for consumption/to own w/h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

What is Consigement stock & which accounting entries are posted at the time of GR?..

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

What is Consigement stock & which accounting entries are posted at the time of GR?..

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

What is Consigement stock & which accounting entries are posted at the time of GR?..

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

What is Consigement stock & which accounting entries are posted at the time of GR?..

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

What is Consigement stock & which accounting entries are posted at the time of GR?..

Answer / abhisek pattnayak

No Accounting doc,Only Material document is created,

Is This Answer Correct ?

0 Yes

0 No

What is Consigement stock & which accounting entries are posted at the time of GR?..

Answer / badaripro

hi, sujan answer is correct

Accounting entries at the time of GR :

+ debit :-- Consumption ( cost center ) a/c
- credit:-- Stock a/c ( Inventory get reduces )

Is This Answer Correct ?

5 Yes

20 No

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