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Action Button: Calculate and show Apportions


    1. Review calculations on next tab
      1. Manual values need to be entered in the grid - the remainder will show until you have allocated all the expected cost
    2. Each line will show the purchase order value, the landed costs being added and the final cost ea.  This will then be used to update the average cost
      1. New Average cost = (current average cost * current stock qty + qty from the PO * final cost ea) / (current stock qty + PO stock Qty)
  2. Action Button: Save estimate
    1. Estimates are not saved until you save the estimate (note enter a name in the title to make it easier to find in the dashboard).
  3. Once ready to use
    4. change the status to "ready to use" (Action button). 

Set the Estimate Ready to Use

When you have completed the estimate then Action Button: Set Estimate Ready to use

Receiving Stock

Stock can only be received if the Landed Cost Estimate has been set to "Ready to Use"

Receive stock as normal 

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  1. The system will use the calculated average cost Note that stock cannot be received using Simple Stock Receipt if the purchase order is ticked as "landed cost" unless the related estimate is "Ready to use" or "Used"for stock value journals - see Purchase Order for Perishable Goods from PO to Goods Receipt
  2. The Journals created are at the bottom of this page

 

Note

 

Note: The $ of the stock placed into Assets will be greater than the amount to be paid to the stock supplier.  The balance is placed into a clearing account (see Maintain GL Control ) until later cleared out when the actual payments/ invoices are linked to the landed cost calculation

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Once product is receipted the estimated calculations have been used and cannot be changed.

Later updating the estimate to Actuals

Once actual costs for shipping, customs, inspections etc have arrived it is time to enter the actuals.

Note

 If you do not update the estimate with actuals you will have a balance in the GL Control Account "Landed Cost Clearing Account"

  1. From the Purchase Order for Perishable Goods from PO to Goods Receipt - open the estimate using the button
  2. Navigate to the "Actuals" sub tab
  3. Select a cost esimtate estimate line to Link to actual payments made
    1. Choose the supplier that you paid (or you have an invoice for)
    2. Choose from a list of invoices / payments from that supplier
      1. Note that the list of invoices is filtered by (1) those against a GL account flagged as a Landed Cost Account that have not yet been associated with a landed cost
    3. Determine the amount to use for this landed cost calculation (you can change this later)
  4. Add additional payments if you require more that you expected there were more costs than contained in the estimate
  5. Action Button: Calculate Actual Average costs
    1. Review calculations and adjust manual allocations in the grid
  6. Use status when ready to apply
    1. Application will then compare the estimated landed costs with the actual landed costs
      1. Where changes are to be made
        1. The average cost of the article will be adjusted to the new average cost
        2. Journals will be written including clearing out any balance in the clearing account
  7. The status will then move to Actual used. 

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