Auction House Accounting: Premium, Escrow, Agent Revenue
What auction house books look like: buyer's premium and consignor commission as revenue, hammer proceeds in trust — with a worked example.
#consignment-accounting
Consignment Accounting
Accounting for consignment arrangements between consignors and consignees, covering inventory ownership and revenue recognition
Auction House Bookkeeping: Consignor Trust Accounts and the Agent vs. Principal Trap Under ASC 606
Auction houses are agents under ASC 606, not principals — book buyer's premium and seller's commission as net revenue, segregate consignor funds in a trust account, and reserve for bidder default on Proxibid and HiBid online sales.
Jewelry Store Bookkeeping: SKU-Level Costing, Memo Goods, Layaway, and Form 8300
A working playbook for independent jewelers covering per-piece SKU costing, lower-of-cost-or-market write-downs on metal price drops, memo and consignment inventory, ASC 606 repair and custom revenue, layaway deposit liabilities, and Form 8300 cash reporting without triggering structuring allegations.
Consignment Accounting: Who Owns the Goods, and Who Books the Sale
In consignment, the consignor owns the goods and records the full sale; the consignee books only its commission.