25. Landed CostsEnglishالعربيةfrançaisTagalogहिन्दी

Overview

Landed Costs

Landed Costs - How do you view the landed cost of a product?

You can view the landed cost of a Product in the Product Card.

• Select Inventory Module.
• Select Product Express List.
• Double click any product. This will open Product Card.
• Under the Main Tab you will see Landed Cost of that product at the bottom left.

It is possible to associate Landed Costs for an imported product with the original Purchase Order even though the Purchase Order has often been paid and closed before the landed costs are fully known.

To use Landed Costs you must turn on Foreign Currency options in Purchases Preferences and activate at least one Foreign Exchange Rate.

• Select Utilities Module.
• Select Preferences.
• Select Purchases from the left hand side.
• Select Use Foreign Currency.
• Select Store Foreign Currency Value and Supplier.

After setting Purchases Preferences

• Select General Module.
• Select Foreign Exchange Rates List.
• Select Inactive Rates.
• Select the currency you want to activate.
• Enter current Buy Rate and Sell Rate
• Tick Active.
• Click Save.

After turning on the options in Purchases Preferences and setting the rates, create a Purchase Order. Before recording Landed Cost you must have previously created a Purchase Order

• Select Purchases Module.
• Select Supplier Name.
• Select the Currency Code for this supplier from the drop down list.
• Enter Products that you are importing from this supplier.
• Click Save.

After creating Purchase Order you need to create a Bill to associate the landed cost expense with the Purchase Order.

• Select Purchases module.
• Select Bill.
• Enter Supplier Name. (Custom or Shipping agent etc).
• Enter the Account to post landed cost to in Account Name (Example: Custom, Freight, etc).
• Enter Amount.
• In Related PO column select the Purchase Order Number to relate it to this Bill.
• Click Save.

Now you will go to your Purchase Order to which you have related this bill to.

• Open Purchase Order (the one to which you have related the bill).
• Click Import Costs.
• You will see the bill in Import Costs window.
• Tick Apply.
• Click Save.

The three columns of Landed Costs in Purchase Order will be populated. Landed Cost, Landed Cost/Item, and Landed Costs %. If you cannot see these columns right click and click Customise Grid, choose these three field and click OK.

If there are more than one items you can allocate the landed cost by changing the % figures in Landed Costs %.