How to Manage Consignment in Odoo 17 Inventory? | Consignment in Odoo 17 | Odoo 17 Inventory Videos
7In Odoo, consignment refers to a specific inventory management process where you, as the consignee, store and sell products owned by another party, called the consignor. #odooinventory #odoo17
You don't actually purchase the products upfront, but rather sell them on behalf of the consignor and earn a commission based on the sales.
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Benefits of using consignment in Odoo:
Reduced upfront investment: You don't need to pay for the products upfront, which can be helpful for businesses with limited capital.
Increased product variety: You can offer a wider selection of products without expanding your own inventory.
Reduced storage costs: The consignor is responsible for storage costs until you sell the products.
Commission-based profits: You earn a commission on each sale, incentivizing you to promote and sell the products effectively.
How it works?
Consignment Agreement: You first establish a contract with the consignor outlining the terms of the agreement, including commission rates, product details, and sales territory.
Receiving Consignment Stock: The consignor delivers the products to your warehouse, but they remain their property. You receive the stock at a designated "consignment location" in Odoo.
Selling Consignment Products: You market and sell the consignment products like any other item in your inventory. Odoo tracks the movement of consignment stock separately from your own inventory.
Recording Sales and Commissions: Once you sell a consignment product, you record the sale in Odoo and create a "consignment invoice" to the customer. This invoice calculates the commission you earn based on the agreed-upon rate.
Remitting Payment to Consignor: You collect payment from the customer and then remit the appropriate portion (excluding your commission) to the consignor, typically according to the agreed-upon payment schedule.
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