8Q Estimated Landed Costs
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.
8QUANTA's Estimated Landed Costs Solution for NetSuite:
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.
Interested In Learning More About:
8Q Estimated Landed Costs Features:
Landed Cost is a combination of:
- Shipping fees
- Freight fees
- Import fees
- Handling fees
- Custom and Duties
- Container fees
Estimated Landed Costs:
- Are posted at the same time as when you receive your inventory
- Supports unlimited NetSuite Landed Cost templates
- Includes margin calculation options at item level by template and by allocation method to ensure your COGS are accurate
- Supports five allocation methods:
- FLAT AMOUNT
- % AMOUNT
- Offer full auto reconciliation of the Estimates to Actual with GL inventory and COGS details