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Join nowHi,
I create PO's via QBO. When I raise the PO, I only have the cost of goods information. Product A purchase price $10, Product B price $5, etc.
After the PO is sent to the vendor - the overseas vendor prepares and then ships the goods. Post shipment, the vendor sends a DHL invoice for shipping charges.
Now, how do I edit the PO to factor in the shipping costs? I can average the shipping cost per product and then change the cost of each product to accommodate product+shipping cost - but is this the correct and accurate way?
Ideally, I want my final COGS to reflect the cost of the product + the shipping cost to get the product to me = landed cost.
Thank you
I'll show you a way on how to get this done in QuickBooks, Unived Inc.
Since QuickBooks does not handle landed costs, we'll have to use a workaround to record this in the program. I'll guide you how.
On the original purchase transaction, add a portion of the shipping to each item total. Then, let's create a bill.
Once done, pay the bill using a clearing account. Here's how:
Additionally, here's an article that'll help make changes to your inventory quantity. This ensures your inventory value is accurate: Edit an Inventory Quantity Adjustment.
I'm here anytime if you have other QuickBooks related concerns. Have a great day!
Consider having an inventory management app to record your landing cost and calculate your COGS correctly.
Hi,
Thank you. This seems like a very long and cumbersome process. Is QBO planning on introducing landed cost calculations? I'd imagine everyone would need this!
Hello there, Unived Inc.
As of now, the landed cost calculation is available in QuickBooks Desktop. That being said, I'll be sharing this idea with our QuickBooks Online Developers team.
I'd also suggest visiting our Blog. We indicate there any product and feature updates.
I'm just around the corner if you need help. Keep safe|!
I am not sure they will put the feature on QBO for the time being. They have acquired one app to do so recently.
https://go.tradegecko.com/register?code=fiat-lux
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