Landed Cost

Case 1 # record actual Landed Cost before make a goods issue

Goods Receipt

• After Validated Goods Receipt > Option View Journal Entry

• For Journal Entry, system will Cr. Purchase account or Goods in transit account for offset with AP Invoice and Dr.Purchase account or Goods in transit account

Estimate Landed Cost

• Go to Goods Receipt item which you want to allocate an Estimated Landed cost > Click Options > Copy to Landed Costs
• System will automatically generate sequence number of Landed cost.
• Select The Date of Estimate landed cost (should be the same as Goods Receipt Date)

Note : If change the date in the LC to less than the date in the GR, the LC cannot Save to create the LC

• Allocation type can select by Amount or by Qty
• Type select by Estimate
• Cost Name can be select you want to allocate
• Put the amount of  estimated cost you want to allocate
• Click > Allocate Amount and Save

<< Improvement: show

• After click Allocate amount you will see Est.Shipping 1,000THB and Summary Estimate Cost below, The same process is used for allocation of estimated Duty cost
• Click Post

After Post system will create one stock movement. This affects the cost of inventory items (Increase from the cost of Good Receipt)

• Stock Card after allocate estimated landed cost 1,000 THB appear in stock and Qty is Zero, Balance Amount increased 1,000THB (188,600+1000 = 189,600/11 = Cost Price 17,236.36)

Actual Landed Cost

• When Landed Cost comes or you get the actual shipping invoice, go to the previous Goods Receipt and you can see the related Landed cost below. You can go to Landed costs menu and find the document number for the previous cost estimation.

• System will automatically run the number sequence.
• Date should be the same as in the shipping invoice.
• Est.Shipping, and/or  Duty cost amount will be reversed.

• Click Tab Allocate Amount and enter the actual amount
• Select Allocate Type by Amount or Qty
• Type select by Actual
• Cost Name can be select you want to allocate
• Put the amount of  actual cost you want to allocate
• Click > Allocate Amount and Save

• Data in Total Alloc. Cost (Total Allocated Cost) will increase the inventory cost (Actual Landed Cost - Estimate Landed Cost)
• You can see summary of Landed Cost below
• Save and Post

• In case you don’t want to allocate because amount it’s not much or you need to put the cost only for one product you can put amount in Act. field manually.

• In this case, Actual Landed Cost is 1,600 THB but we already allocated the estimated Landed cost for 1,000 THB in the stock. The amount left to be allocated to inventory is 600 THB.

• Stock Card shows only the offset amount which is 600 baht.