Import costs added to inventory

CCN

We import jars - and on top of this there are import costs via mainfreight after jars arrive.

 

To reflect the correct jar price.   What is the correct method.

 

1. Do an "adjustment to item value" - which I have tried.  This gives the correct average cost.  But I am uncertain if I code to 1-1308 packaging (I inventory this item) / or 5-2120 Import Costs (same as Mainfreight) / or 5-1110 Purchases-Packaging (I buy this item)

Neil_M

Hi @CCN 

 

An inventory adjustment where your increasing the on hand value of the items would be one way to add additional costs to the value of the items. The cost of which would be spread across the items on hand.

 

As for which account to code the adjustment to, I recommend discussing this with your accountant. They will be able to advise you of the appropriate account to record the adjustment