8Q Estimated Landed Cost Solution for NetSuite Supply Chain Customers
If your business is involved in international trade, the cost of freight and duty on items purchased overseas can be quite high. In developing a fully realized product cost to maintain profit margins, you must capture every cost of doing business associated with each product.
→ 8Q Estimated Landed Cost Solution for NetSuite was designed to eliminate the challenge behind your overall inventory cost, so you can make smarter decisions and make more profits!
When a vendor bill is received for the actual landed costs from the shipping vendor, the amounts are entered using landed cost items that correspond to the cost categories on the template. This action writes the actual landed costs into the GL, producing a variance if the costs are different from the estimated.
Landed cost templates are configured with the appropriate cost categories and assigned to each inventory item. When items are ordered and received, item receipts are generated, which utilize the template to create estimated landed costs for that receipt—these estimated costs are updated to the item record.
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LANDED COST is a combination of:
Custom and Duties
ESTIMATED LANDED COSTS
Are posted at the same time as when you receive your inventory