Inwards Goods – Cost Goods

Transactions > Inwards Goods > Inwards Goods Costing

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

To find the required receipt, enter the Receipt no., Stock code or Purchase order no., and then click Search. A list of receipts that meet the criteria will be returned. Select the receipt from the list to display the costing grid.

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)

In the top panel, enter an on-cost Cost Code, for example; freight, handling charges or custom charge. These costs will be apportioned to the stock items in the bottom grid and spread by quantity, value, weight or cubic. You can use ? + TAB to display the cost code window. Cost codes are established from the Setup menu of this window.

Note: The term “on-cost” refers to the additional costs of a given Shipment, over and above the agreed purchase price of the goods. (Some companies may know these costs as “landing costs”.) “On-cost” relates to the extra costs involved in getting the goods from the supplier to the warehouse, where this cost is not included in the unit cost of the goods. Some examples of “on-costs” are: sea freight, airfreight, insurance, customs clearance costs, duty, freight to the warehouse.
The bottom grid shows the items from the Stock Receipt. Values in grey cannot be changed, but Supplier Unit Price (in supplier’s currency), the exchange rate, duty and specific fixed costs per unit can be modified.
The exchange rate displayed comes from the purchase order. Click the Exchange Rate button to refresh the exchange rate on every line with the current exchange rate.
If the duty percent has been recorded on the stock item, the Use stk duty % option will allow the stock item’s Duty amount to be calculated automatically.
Once all costs have been entered, click Calculate to automatically calculate the Landed Cost. The landed cost may be manually overridden if necessary.
Click the Process button to complete the process. This will update the stock ledger, increasing the stock-on-hand quantity, and creating stock transactions to represent the receipt. Alternatively, the costing information can be saved to be retrieved later, changed, and then processed.

Notes

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

Cost types are user definable, and 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 the perpetual stock method is being used, the new stock receipt transactions will give rise to GL accounting entries the next time Utilities > Ledger Posting > Post Stock to GL (Perpetual) is run.