on 08-25-2023 6:04 AM
Dear Experts,
Is it possible for us to perform a landed costing to absorb any additional cost of importing back to inventory. My requirement is;
1) Initial GRN
Inventory A/C DR
GR/IR A/C CR
2) Perform Landed costing ( Custom Duty , Clearance fee ,handling charges , Additional taxes , Freight etc. )
Inventory A/C DR
Import Control A/C CR
3) Raise Individual Supplier Invoices ( Custom Duty , Clearance fee ,handling charges , Additional taxes , Freight etc. )
Import Control A/C DR
Individual Suppliers CR
Hi,
There are two scenarios where your material is maintained 1) At standard price 2) Moving average price. In both the scenarios as per functional flow custom duty needs to be paid before releasing goods from Customs hence custom invoice needs to be accounted first before accounting for GRN.
In case of standard price, Material value will be based on standard price maintained in material master.
In Case of Moving average price, since custom duty invoice recorded first inventory price at the time of GRN will include the custom duty as well.
Accounting entry flow
Invoice verification for custom duty
Custom GR/IR Debit
Custom Vendor Credit
Good Receipts
Inventory Debit (Inclusive of Custom Duty)
To GR/IR-Material
To GR/IR- Custom Duty
regards, Raman Rana
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