I run a E-Commerce website in Dubai. I would like to know how to account the following type of transaction. We purchase goods from China (in US$). For example, if the supplier invoice total is $1000, and $50 for freight (Through Courier or Freight Forwarders) and as the payment is made from my AED…

[image] siyab: How do i add all this as part of cost of the goods that arrive? Have a read of this topic which worked through an import situation [image] Importing of goods I would like to ask for few thinks regarding import in foreign currency let me bring you t…

[image] Brucanna: For the charges (customs duty, bank charges) which aren’t on the Suppliers Invoice, you enter them as a separate Purchase Invoice or Spend Money and for the Account Line select the Inventory Item with Qty = 0, and Unit as the charges value. This will add the value to Total Cost…

[image] Brucanna: Purchase Invoice or Spend Money and for the Account Line select the Inventory Item with Qty = 0 For both Purchase Invoice and Spend Money do not use “0” for Qty. The quantity field must be empty (blank) or the cost will not be charged against an inventory item. Here is the w…

[image] siyab: will the other costs get divided amongst all the inventory items, or only to the items part of this purchase invoice To have an “other cost” charged to an inventory item, choose the inventory item when entering the cost. [image] If you do not choose an inventory item, the…

[image] siyab: By doing this procedure, will the other costs get divided amongst all the inventory items, or only to the items part of this purchase invoice? Actually my previous post was poorly drafted - so I will be editing it - what I should have stated: Where there is a separate invoice …

@siyab , I am not contradicting anything @Brucanna has said. But I want to point out that he is giving you a way to apportion freight-in costs automatically to inventory items on the original purchase invoice when the freight-in invoice comes from a different supplier. This method requires the creati…

[quote=“Tut, post:7, topic:10646”] Then enter a purchase invoice for the freight supplier with a line item for each inventory item on the original purchase invoice.[/quote] This would be rather laborious if you had 10 + inventory items on the purchase invoice, plus, if the purchase invoice had mor…

I agree with your points. I was just pointing out an alternative, particularly because the automatic approach does not apportion charges on a per item basis, which you rightly call straightforward. It apportions based on value; so small, cheaply shipped items that are expensive bear more of the frei…

[image] Brucanna: This would be rather laborious if you had 10 + inventory items on the purchase invoice, plus, if the purchase invoice had more then one related freight-in invoice/charge to be proportioned (import agent, customs, bank charges) then all those inventory items would have to be re-…

[image] siyab: The supplier invoice is in $ but the Customs duty is charged in my Local Currency AED. Though I will convert the Customs value to $ while doing the contra entry (in the Purchase Invoice). But how do I pay them off in AED if the contra account also holds the amount in $. I think…

Landed Cost - Multiple Vendors

Brucanna July 17, 2017, 4:48am 2

Have a read of this topic which worked through an import situation

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Landed Cost - Multiple Vendors

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