Inventory
Hi When determining the markup price per unit, I will take into account the total cost per unit (i.e. unit cost + freight cost + local charges) 1. On MYOB, when entering a purchase (item), th...
Forum Discussion
Hi Mike_James
Further to below, landed costs will be itemised to inventory, how to know the value of landed cost as it is also separately displayed on the financial accounts
Thanks
Thierry
Hi Thierry888 , are you following the set-up i the link that I posted? If so then you will have the following:
- your items as usual
- your inward freight cost accounts in the GL as usual
- a new account next to these called "transfer costs to inventory" or similar
- a new item called Landed costs, I buy this item is ticked, and the new account above selected
Then for a typical purchase:
- work out the full cost of the item/s (separately, eg on paper, excel, whatever), with landed costs apportioned by value or your preferred method
- enter the inventory at the fully-costed unit price
- add a line at the end, with a quantity of -1, and the price being the sum of all costs added in your costing
This purchase should then total to the amount you owe the supplier. Stock is then correctly valued, and gross margins are accurate.
The freight accounts continue to accumulate the inwards costs, and the new account shows how much of that has been taken up in inventory.
