What's the best way to setup a consignment B/P?

We're on JDE World 8.1 Cum 4.

We have a direct ship location which is overseas that will be on consignment.

Here's what I was thinking;

A JDE purchase order will be entered requesting product from our vendor in Japan to be shipped to the consignment warehouse location in Germany.  We would create a new BP in JDE for the consignment location. Once the product arrives we will be notified and then we'll perform a JDE PO Receipt of the PO into the new BP location.  Every month the consignment customer will notify use what they used and we will need to manage/reduce the inventory in the new BP.