8Q Estimated Landed Cost +

enhance your NetSuite experience with accurate, real-time landed cost calculations and container tracking

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What the 8Q ELC+ Application Does

The 8Q ELC+ application for NetSuite helps businesses manage and calculate Estimated Landed Costs (ELC) for items purchased and shipped from vendors. This tool integrates directly into NetSuite, enabling companies to create accurate landed cost estimates at the time of item receipt and reconcile them with actual costs once bills are received. The application simplifies tracking and managing all cost components associated with importing goods, including freight, customs duties, and tariffs.

Gain complete visibility

over landed costs for accurate profit margins

Avoid surprises

by posting estimated costs when inventory is received

Eliminate guesswork

in calculating true product costs

8Q ELC+ Key Features

Combining the legacy power of 8Q Estimated Landed Cost and 8Q Container Tracking Management:

Automated Landed Cost Estimation: Using customizable native NetSuite Landed Cost Templates and Cost Categories, it estimates charges like freight, duties, and other shipping costs to integrate into inventory valuation.
GL Accounts and Landed Cost Categories Setup: Allows users to set specific GL accounts and create landed cost categories that align with their financial and operational needs.
Item and Cost Tracking: Keeps item receipts, vendor bills, and landed costs cross-linked within NetSuite for seamless reference and auditing.
Template-Based Allocation: Enables custom allocation methods (e.g., by quantity, weight, volume) and multiple landed cost templates for items to reflect specific shipping scenarios.
Variance Reconciliation: Once actual landed cost bills are received, it compares estimates to actuals, letting users reconcile variances and adjust inventory or cost of goods sold (COGS) as necessary. Journal Entries are created for estimated costs and variances.
Estimates/Quotes: Suggested Retail Price is calculated based on an editable Desired Retail % Margin. Estimated Landed Cost is taken into consideration. On Estimates, the Sales Rep can change the Retail % Margin and/or change the Landed Cost template, with the Retail Price shown being automatically adjusted.

Container Tracking (New in ELC+)

Tracks container location and status for both ship and air freight.
Includes estimated and actual dates (and times for air freight) of events such as: Loaded, Left Port, Arrived at Destination, Offloaded. Purchase Orders' “Available” dates are updated when dates become actual. A real-time map shows the location of the freight.
Shows container utilization by calculating fill percentages based on item dimensions and volume, allowing users to monitor and optimize space efficiency. If containers are underfilled, users can adjust their packing methods, minimizing costs associated with unused space.

Benefits for Clients

The 8Q ELC+ application delivers operational and financial benefits by providing a structured, automated approach to managing and reconciling landed costs. For businesses dealing with imports and complex logistics, these features directly contribute to enhanced cost accuracy, efficient accounting, and optimized inventory valuation.

Business Benefits

Accurate Inventory Valuation

By automatically updating inventory values with estimated landed costs upon receipt, the application improves cost transparency and inventory valuation accuracy.

Reduced Manual Work and Errors

Automates routine processes, such as estimating and allocating costs, to minimize manual data entry errors and the time required to handle landed cost accounting.

Variance Management

Offers an efficient method to manage and reconcile differences between estimated and actual costs, with options to clear variances directly to COGS or revalue inventory, depending on business needs.

Customizability and Flexibility

With the ability to define custom landed cost categories, templates, and automation settings, the application can be tailored to fit each business’s unique import processes and cost allocation preferences (Volume is added to native NetSuite Allocation Methods).

Enhanced Reporting and Audit Readiness

Centralizes and links all records associated with a transaction, making it easier for finance teams to track expenses, reconcile accounts, and prepare for audits.

Container Cost Efficiency (New in ELC+)

By calculating container fill percentages, the Container Tracking feature allows businesses to monitor space utilization. This visibility helps users reduce costs associated with shipping underfilled containers.

Container Location Tracking

Knowing the estimated date of arrival allows Sales Reps to keep customers informed of availability.

With these capabilities, the 8Q ELC+ application empowers import-driven businesses to handle landed costs with greater ease, precision, and compliance, ultimately supporting informed pricing and profitability decisions.

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.

Why 8Q ELC+ is Right for Your Business

Optimize your cost-tracking processes, increase inventory efficiency, and maximize profits with a single solution. Built natively on NetSuite, 8Q ELC+ integrates effortlessly into your dashboard and empowers you to manage landed costs with confidence. With a partner like 8Quanta, you gain access to innovative technology, complete customization, and dedicated support every step of the way.