Methods to record import costs (incl. GST) on overseas purchases
Good evening,
I am referring to the article regarding the recording of import costs
The article suggests to create a bill with the supplier being the customs agent and treat the import costs as either a stock item or as part of the inventory value.
Would there be other ways to record the import costs by allocating a transaction directly to severalchart of accounts (for the various import costs categories: freight costs, custom duties,..) ?
How would you then treat the GST on the custom value of the goods ?
- + custom value of the goods with 'GST' and
- - custom value of the goods with 'N-T'
- all assigned to the chart of account 'Opening stock/inventory'.
Thank you in advance
