Applying Landing Costs (Freight, Customs, duty etc) to Inventory costs

Patrick_10195009

I am new to using inventory on Reckon Hosted and would like to know how to have the costs/expenses for shipping my products from overseas to here, applied to the cost of my product.
We import in UKP from Supplier A and the landing costs are charged in AUD from Supplier B. I see there is an "Expenses Tab" but that doesn't seem to be applied to the cost of the product when i receipt the inventory.
Any help would be appreciated. Thanks in advance

Comments

Zappy

Can't be done.

Acctd4

Hi Patrick

Although this can’t be done specifically per Product/Item, if you make all the Landing Cost accounts “Cost of Goods Sold”-type accounts (instead of “Expense”), this will reflect on your P&L.

Income (incl Products)

LESS

COGS (incl Landing Costs)

= Gross Profit

LESS

Expenses

= Net Income

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com

Patrick_10195009

At the moment we only have a limited number of overseas suppliers that I would like to add "landing costs" to the value of the product, I have figured out a work around.
I have created a new supplier "Supplier A Stock Receipts" that is set up in the local currency that I will create a Purchase order for the products at the calculated "landed cost" per item (calculated separately). The total of the receipt will be the total value of all costs involved with getting the stock to our warehouse (Supplier A (product Costs) + Suppler B (Duty, freight etc)) and will therefore have the value of the stock at the correct full cost.
I then process the Supplier Invoice for Both Supplier A and B to what I have called Creditors Clearing. This then allow me to make the required correct payments for these Suppliers.
I then process a payment on Supplier A Stock Receipts to that same clearing account that will then match the totals that are the invoices for Supplier A+B.
If we end up with a lot more suppliers that need to be managed this way it could become messy, but for now it is only 1 so it should be OK.

cosmic

Hello Patrck
Kevin is correct .You need to work out this separately then add this to your cost and add the margin to get your SP.
However, if you wish to automate this and have a tool utility we could look into this.
Chandra
0407068942

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