Importing goods

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Contributing Cover User
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Importing goods

Hi there

I have started importing goods from Europe now and find it a bit challenging to record these in MYOB now.

 

First of all, I have three payees: the actual supplier, the freight company and customs.

 

My idea how to solve this:

 

  • add a new supplier called IMPORT as a dummy supplier
  • I add the items with following value to MYOB: item in $ + duty + freight
  • now it is getting interesting: what I am doing with the GST in the item list information screen? Does it make any difference for the future transactions whether there is N-T or S-15 or any other GST code given?

Once I have added the full value for the items, my plan is that I record a journal and split the amount to the supplier, freight company and customs (for the duty).

 

Example (very basic):

item: $100
duty 5%: $5
freight: $2
total costs: $107 (this is the amount I record in my 'enter purchases' screen)

 

paid GST: $15.75 (although I have not got a chance to calculate the GST based on the customs invoice, it seems that they just charge something....)

 

The system should now show a liability to IMPORT (my dummy supplier). I would then record following journal;

Dr IMPORT $107

Cr Foreign Supplier $100
Cr Freight Company $2
Cr Customs $5

I had to pay $20.75 to customs (GST plus duty) so I record this as follows (once this is seen in the bank feed):

Dr Import GST paid $15.75
Dr Customs $5

Cr Cash $20.75

Does this makes sense? Or is there another, much simpler way how to record this?

 

Thanks for any help!

Anneke

 

 

 

 

1 REPLY 1
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Super Partner
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Re: Importing goods

Hi @Anneke

 

You might want to look at the MYOB Help Centre article suggesting how to setup MYOB and account for Landed Costs - http://help.myob.com/wiki/display/ar/Landed+costs+for+imported+inventory#expand-4Recordingapurchasef...

 

There is also another post on the MYOB Forum which also includes some other good links.

http://community.myob.com/t5/Sales-and-purchases/Landed-Costs-for-imported-Inventory-IN-OTHER-CURREN...

 

While this can be a complicated area the above suggestion from MYOB is fairly straightforward and should give you a reasonable result.  It also means that you will track Purchases by the Supplier you actually bought them from rather than in a dummy supplier.

Good luck

Jennifer Kelly CA
BI4Cloud- powered by Interactive Reporting
02 8011 1511
www.BI4Cloud.com

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