View source for 28. FX Expense

= Overview =

'''FX Expense'''

'''FX Expense - How would you enter any expenses related to importing goods?'''


Once you have created '''Purchase Order''' you will receive a bill from the Supplier.  Enter this '''Bill''' as normal but with a couple of added extras.

After all relevant information is entered as per a normal Bill then scroll across to the '''Related PO''' tab and go to drop down box and find the Purchase Order # needed. This way you related a '''Bill''' to a '''Purchase Order'''.

The importance of this step is that when you need to do '''Landed Costs'' to a certain '''Purchase Order''' this last step is vital. It must be done to be able to have the landed costs worked out correctly.

Follow the below instructions to enter a '''Bill''' and related it to a '''Purchase Order'''

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 this bill relate to. 
* 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 %'''.