Import costs are only apportioned against physical inventory items.A journal for physical inventory items only is posted when Bookin's are activated. There is no GST/VAT posted at this stage. Stock is booked in to the Delivered Asset account at the Landed Unit Cost value. The joural to the Delivered Liability account is at the Ex GT Unit Price and the difference between the two is the Import Costs that have been apportioned to the stock
Import costs are only apportioned against physical inventory items.
Example
| Quantity | Ex GST Unit Price |
Landed Cost Unit Price |
Total Ex GST Value |
Total Landed Cost Value |
|
|---|---|---|---|---|---|
| Part A - Physical Item | 1000 | 50.00 | 55.00 | 50,000.00 | 55,000.00 |
| Part B - Non Physical Item | 50 | 30.00 | 30.00 | 1,500.00 | 1,500.00 |
| Part C - Non Inventory Item | 10 | 100.00 | 100.00 | 1,000.00 | 1,000.00 |
Journal
| Warehouse Mask | Debit | Credit | |
|---|---|---|---|
| Part A - Delivered Asset |
|
55,000.00 | |
| Part A - Delivered Liability |
|
50,000.00 | |
| Shipment - Import Cost Clearing Account | 5,000.00 |
Copyright © 2012 Jiwa Financials. All rights reserved.