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dpic44
Level 4

Track landed cost with different shipping and supplier vendors, when not tracking inventory in QBO

Hi all,

 

I have a client that tracks inventory outside of QuickBooks.  When they order inventory in QBO they do not know the shipping costs until later, and that is billed from the shipping company and not the supplier. 

 

My question is how do I link the two to keep track of the landed cost?  They want to know what their landed cost is before they quote pricing to a client.  I enabled projects for them, but that is on the client side.  And that doesn't happen until later.

 

Thank you for your help!

2 Comments 2
AnaRose_Q
QuickBooks Team

Track landed cost with different shipping and supplier vendors, when not tracking inventory in QBO

Let's collaborate to track the landed costs involving different shipping and supplier vendors, dpic44.  I'm here to help you navigate and break down the steps to address your business needs.

 

I suggest creating an expense account for the inventory and landed cost. Here's how:

 

1. Sign in to your QuickBooks Online account.

2. On the left panel, go to the Transactions tab.

3. Select Chart of accounts and then click the + New button.
image (4).png

4. In the Account Type section, choose Expense and fill out the necessary fields.
image (5).png

5. Click the Save and close button.
image (6).png
After creating the expense account, you can create a bill this way:

1. On the left panel, select + New button and create a Bill.
image (9).png
2. Under Vendor dropdown section, choose the account and from the Category details, choose the account created for inventory and landed cost.

3. Enter an amount for the inventory and zero for the landed cost since you are not yet sure of the exact amount.

4. Select, Save and close.
image (10).png

5. Then, you can update once the amount for landed cost is already shipped.

 

As an alternative, you have the option to create a journal entry using the same account. However, I highly suggest seeking help from your accountant for more precise guidance.

 

Moreover, check out this link if you want to know the status of your inventory: Use reports to see your sales and inventory status in QuickBooks Online.

 

I can provide a timely response if you need extra support managing your inventory costs. Reach out at any time by leaving a comment below. Your business success is important to me. Stay well.

dpic44
Level 4

Track landed cost with different shipping and supplier vendors, when not tracking inventory in QBO

Thank you!  I'll see if it will work for them.

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