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Thread: Processing additional cost.

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    Processing additional cost.

    Hi all i need some of your expert advice,

    We are a small company that import goods and then retailers to other suppliers and retailers. We process the supplier invoice from the supplier (overseas - converted in rands) ,we then also then incur additional costs for the items purchased, such as import duties, shipping charges, and so on.

    My query is as follows; i would like to increase the cost of the purchased items by the costs in these new supplier invoices, to reflect the true / accurate landed cost.

    thanks

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    Platinum Member Neville Bailey's Avatar
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    Which accounting system are you using?

    Assuming you are using Pastel Partner (this feature is not available in Pastel Xpress), here is an extract from the Pastel help file:

    Additional Costs

    This field only applies to supplier invoices. It does not apply to other supplier documents or to any customer documents.
    Sometimes you need to process a supplier invoice that contains additional cost values for items you purchased previously.
    A common example of this can occur when you import goods. You process a supplier invoice from the supplier, but you also incur additional costs for the items you purchase, such as import duties, shipping charges, and so on. You would like to increase the cost of the purchased items by the costs in these new supplier invoices.
    To process additional cost invoices

    1. You process the original supplier invoice as normal, and update it. This updates the average cost of the items you purchase.
    2. When you receive an invoice for shipping charges or any other charges, you process the shipper as a supplier. Check this Additional Costs check box when you process the invoice.
    3. When you work in and update an additional cost invoice, it works differently from a standard document:
    4. The Link / Create button allows you to link to other suppliers' invoices. This lets you link to the original invoice(s) for which you are processing the shipping costs, and copy their lines.
    5. The system does not update inventory item quantities, and so the Quantity field disables. The system will add the value in the price field to the cost of that item.
    6. The system adds to the average cost instead of averaging it. For example, you have five items on hand with an average cost of 100.00. You then process an additional cost line for this item of 20.00. The system calculates the current cost of the items on hand as 500 (5 items x 100), adds 20 to the current cost, giving 520, and then divides this by the items on hand (5), giving a new cost of 104.00.
    Neville Bailey - Pastel Accounting Consultant and Photographer
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    thanks...will definitely try it out.

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