Import costs include both invoices from creditors and costs being apportioned against a General Ledger account - a cost recovery exercise. When the costs are invoiced they are posted to the Import Cost Clearing Account attached to the shipment. BAS Codes are collected for Non FX import cost creditors only. As stock is booked in, the apportioned costs of the stock being receipted are reversed out against this account.
Example
| Ex GST Cost |
GST | Inc GST Costs | |
|---|---|---|---|
| Local creditor | 6,800.00 | 680.00 | 7,480.00 |
| FX creditor | 4,500.00 | 4,500.00 | |
| General Ledger cost | 1,580.00 | 1,580.00 |
Journal
| BAS Code | Debit | Credit | |
|---|---|---|---|
| Import Cost Clearning - Shipment |
|
6,800.00 | |
| GST Inwards |
|
680.00 | |
| Creditor Value - Local Creditor | 7,480.00 | ||
| Import Cost Clearning - Shipment | 4,500.00 | ||
| Creditor Value - FX Creditor | 7,480.00 | ||
| Import Cost Clearning - Shipment | 1,580.00 | ||
| General Ledger cost | 1,580.00 |
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