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

PatrickPatrick Member Posts: 10
edited September 2019 in Accounts Hosted
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

  • ZappyZappy Accredited Partner Posts: 4,692 ✭✭✭
    edited September 2019
    Can't be done.
  • Acctd4Acctd4 Accredited Partner Posts: 928 ✭✭✭
    edited September 2019

    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.

     

    eg

     

    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

    [email protected]

    www.accounted4bs.com


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Partner (AP) Bookkeeper * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

  • PatrickPatrick Member Posts: 10
    edited August 2019
    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.


  • cosmiccosmic Reckon Developer Partner Posts: 1,182 ✭✭
    edited September 2019
    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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