Well the store I am setting up has started taking stock - and the phone has started ringing with interested people with things to consign - now I just need to figure out the taxation etc. setting up books seems convoluted - The store needs some help - sorry I put my last post for it under travel deals?? See if you can find it - lots of rambling - I believe I have bought myself a

A Consignment  store is a good idea for a business, as stock is free - start-up costs can be minimal - here are instructions for the accounting (Canada)

Bookkeeping Entries for Consignment Accounting

In Canada, CRA accepts two methods of consignment accounting. They are sale by agent arrangements and purchase and resale arrangements.

Purchase and resale arrangements require both the consignor and the consignee to charge and account for the GST/HST while sale by agent arrangements requires only the consignor to charge and account for GST/HST.

So warm up your tea … and let's start this chat by clarifying our definitions first ... because I don't know about you, but I always mix up the "ee"s and "ors"

Consignor refers to the owner of the goods.

Consignee refers to the agent acting on the owner's behalf to sell the goods.

Another way to describe these parties would be to say:

The Consignor is the owner and sender of the goods while the consignee is the receiver of the goods for sale.

Okay, now that we have that out of the way, let's figure out how we would do consignment accounting if we are the consignee ... that is we are the store receiving the goods to sell.

Scenario One - Consignment Store Using Purchase and Resale Arrangements

As I use QuickBooks software, I will use QuickBooks examples to illustrate my points.

If at any time you don't get what I'm saying, key in "consignment" into the QuickBooks help menu to find more details on how to set everything up. I'm sure the Simply Accounting help menu would be similar.

Consignment Accounting
Setting Up Your Books to Handle Consignment Sales

1. Create a vendor name in QuickBooks for every consignor you receive goods from.
2. Create an income account called Consignment Sales to track your sales.
   • Technically, the sale does not "belong to you" but as a store owner, I want to be able to use QuickBooks to report and analyze my consignment sales

Okay so to get self employed  I was planning to be 1/2 of a live in management team (with my husband) in Edmonton, and it was all about buying on payments a little 30 thousand dollar house.

Well we had the whole thing set up - and then my parents offered to give me the money for the little

Well then! the move to Edmonton is back on! It's all about being self-employed (which we become at this motel opportunity).  Here's the plan - we move to manage a motel for 2 years, and then move back to nowhere land, SASK into the cheap house we bought WHILE WE LIVED FREE AT THE MOTEL.  The house is 33,000. (very cheap! cute, and yes liveable-with a seperate lot - pictures soon). Yes! when you take on a motel management job the accomodation is free; well not so much free as 'included' and that's how

April 30,2012: Well forget the idea of moving to Edmonton - really it's so nice and peaceful here where we are, and the idea of the motel life again (24/7) NO! that would be just what I don't want! and neither does the hubby -it turn's out sooooo....we will move to another little town, Saskatchewan and try to buy the 30,000.00 little house that is sooooooo cute! 

I have buggered up my leg at any rate. Just over 1 year now -the pain is intense, Worker's Compensation has denied my claim on first application.

My husband works.  My 13 year old is currently being homeschooled by me (Grade 8).  My 24 year old daughter lives with us for another couple of months before going off to the east coast.  She currently is a waitress.  She aspires to be a hairdresser.