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Dec 02, 2011 at 09:52 AM

Stock in Transit accounting in Imports

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Hi SAP Gurus,

Our client imports materials and they want the following type of stock in transit accounting:

1. Imports PO creation & communication to overseas supplier.

2. Forwarding agent lifts the material from overseas supplier plant.

At this point in time, customs becomes the owner of the stock is liable to pay the supplier.

Forwarding agent sends shipping documents (vendor invoice plus BOL/AWB by email).

Based on these shipping documents, stock in transit has to be accounted as follows:

Stock in transit a/c Dr.

GR/IR a/c Cr.

3. Based on the shipping documents, vendor liability will be booked in MIRO. (stock not yet arrived at customer's place).

The a/c ing entry should be:

Vendor a/c Cr.

GR/IR a/c Dr.

4. Upon receipt of material at customer's place (after local Customs clearing), Goods receipt will be posted

& the a/cing entry should be:

Stock a/c Dr.

Stock in transit a/c Cr.

Is it possible to configure the above requirements?

Please throw some light..

Regards

Prabhu S