Inwards Goods – Cost Goods

Transactions > Inwards Goods > Inwards Goods Costing

Use Inwards Goods Costing to add costs the incoming stock valuation, including estimating apportionment by methods such as quantity and weight.

To cost goods:

Enter the Receipt no., Stock code, or Purchase order no., and then click Search. A list of receipts that meet the criteria displays.

Search by	Searches for / Requires
Receipt No	Searches for the Receipt number allocated to a Receipt when saved. Enter a specific Receipt number if known, or leave this field blank and click Search to list all Receipts.
Stock Code	Use this search function to find all Receipts containing a Receipt line for the requested stock code. A stock code must be specified (i.e. searches on a blank field will be unsuccessful)
Purchase Order No	Use this search function to find all Receipts containing lines from the requested Purchase Order number. A Purchase Order number must be specified (i.e. searches on a blank field will be unsuccessful)

Select the receipt from the list to display the costing grid.
In the top panel, enter an on-cost Cost Code – for example, freight, handling charges, or custom charge. These costs are apportioned to the stock items in the bottom grid and spread by quantity, value, weight, or cubic.

Note: On-cost refers to the additional costs of a shipment, over and above the agreed purchase price of the goods. On-cost relates to the extra costs involved in getting the goods from the supplier to the warehouse. This cost is not included in the unit cost of the goods. Some examples of on-costs are freight charges, insurance, customs clearance costs, and duty.
The bottom grid shows the items from the Stock Receipt. You cannot change the values in grey. You can change the Supplier Unit Price (in the supplier’s currency), the exchange rate, duty, and specific fixed costs per unit.
The exchange rate that displays comes from the purchase order. Click the Exchange Rate button to refresh the exchange rate on every line with the current exchange rate.

Note: If you override the exchange rate with a percentage that's higher than the defined threshold, a warning displays. Click OK on the warning.
If the duty percent has been recorded on the stock item, select the Use stk duty % option to calculate the stock item’s Duty amount.
Click Calculate to calculate the Landed Cost. You can change the landed cost.
Click the Process button to complete the process. This updates the stock ledger, increasing the stock-on-hand quantity, and creating stock transactions to represent the receipt. You can also save the information to later retrieve, change, and then process.

Notes

The prompt to create a Creditors Invoice is suppressed if Creditors invoice does not appear on the user’s menu.

You can define cost types to standardise the name, description, and cost spread type. Shipment statuses, shipment methods, and costs are set up in the Setup menu on the Inwards Goods Costing window.

If you use the perpetual stock method, the new stock receipt transactions generate GL accounting entries the next time Utilities > Ledger Posting > Post Stock to GL (Perpetual) is run.