Hi Raeann, your video walkthrough's are excellent. Very clear and easy to follow. Thank you for posting. Do you know if there is a QB report that will show which landed cost items have been allocated against a particular inventory invoice. Basically something you can check to ensure you have accounted for all the relevant LCT items for a particular SKU? Thank you
Hi there, I just watched your Landed Cost video- helpful! We are about to switch to Platinum in a couple weeks. Is there a way to allocate based on weight? I am surprised that is not an option (although I read on some other website that it was) since freight for instance is largely based on size and weight?
Very good tutorial on landed cost allocation. May I ask how may Landed Cost Accounts can I set up in QBE? For example, could I have Landed Cost for Shipping and another Landed Cost for Duties so I can see these two cost separated out in the Items?
Hi John! Thank you for your kind words. You can set up as many accounts as you want. Just make sure to use the other costs type when setting up the item.
Raeann, a question regarding the posting of invoice receipts to prior periods. If I receive items/inventory let's say in August and I close the period, then I receive the invoice from the vendor in September, quickbooks will not allow the posting to the prior period. In my business we run mulitple ERP's and have a hard close (lock down prior periods so no postings can occur once closed), trying to figure out if there is a work around for quickbooks so my prior periods don't change.
Hi Raeann, thanks for the vedios and your explanation very useful and helpful. I have one question about assembly items if I have attributes likes colors or sizes what should I do create items different or there any other options and is it available on premium or enterprise. please guide me or let me me know, I'm very interested to knows thanks,
@@RaeannSalter thanks Raeann do you advise if I want use quick primary on cloud server not enterprise and which company or web can I use and the cost, thanks
You need Advanced Inventory to allocate landed cost. Advanced Inventory only comes with Platinum and Diamond Editions. Let me know if you would like to update your subscription.
This works great if the costs are in the same currency. Not working for mixed currencies. For example if I buy from a USA Vendor but the transportation component is in Canadian dollars. Should it work for this use case?
I have allocated the cost and it says landed cost updated successfully, since I don't need to update the selling price, so I click "skip and proceed", however, after that, it shows nothing. would you please tell me why? what went wrong?
Hello I tried following the steps- But when I create the bills with items for customs duty etc mapped to the landed cost(Other account)- Instead of going to that account in the asset side these ar going and sitting in the inventory offset account- Not sure how to fix it. When creating the items I did create them as other charges
Hi Geetha, Thank you for your question. I think it has to do with how your landed cost is set up. Can you send me your screenshots to raeann.salter@mindingmybooks.com so I can take a closer look to answer your question?
I have this same problem. When I enter a shipping bill I selected an Other Charge item called 'Product Shipping to Warehouse' which expense account routes to Landed Cost to Allocate and Sales account is Misc. Revenue. When I Save & Close the Bill i get a credit to accounts payable and a debit to Inventory Offset Account. Were you able to find a solution?@@RaeannSalter
Nvm i figured it out. you need to create a PO for your landed cost shipping item, receive it, and tie a bill to the receipt. Only then will the accounting be correct AND the shipping will be available as a landed cost to allocate. In other words you cannot simply enter a bill for your shipping landed cost item because that debit will go to inventory offset account.
Is there a report in QB Enterprise that will show the partial or unallocated amounts remaining per vendor for landed cost? UPS, for example, will have an inbound amount to be allocated across several vendors. Other than generating a report from the Chart of Accounts or creating a custom transaction report, I have not found a way to look at unallocated/partial allocations for a specific vendor. Dorlis Creager
Hi Dorlis, There isn't a report at this time that will show unallocated/partial allocations for a specific vendor. I'm told they are working on it at this time.
What if I get my freight bills weekly after the fact and they include an entire week's worth of cost? My raw materials receipts/bills are entered daily. Can I still allocated to the raw materials bills as they are received even though my freight cost was dated later?
Hi Todd, Yes you can allocate your freight to the raw materials even though your freight cost was dated later. That's the situation with most of my clients. They get billed for the freight at a later date. When you allocate you are choosing the bill and it adds it to your cost as of the raw material date received even though your freight date is different.
Hi- will this work the same way if we just want to separate our shipping out on the vendor bill and divide it amongst the products?. We have some vendors that send parts and bill us shipping.
For the account you created labeled "Duties-R-US", was that supposed to be a fake account that the Landed Costs are stored in until they are allocated somewhere? Or should we be using the actual vendor that the Landed Cost amount will be allocated to once we move it to the received items bill? Thanks for your help!
Landed Costs in Quickbooks Enterprise Advanced Inventory is a must learn for accuarte costing!
Hi Raeann, your video walkthrough's are excellent. Very clear and easy to follow. Thank you for posting. Do you know if there is a QB report that will show which landed cost items have been allocated against a particular inventory invoice. Basically something you can check to ensure you have accounted for all the relevant LCT items for a particular SKU?
Thank you
Hi there, I just watched your Landed Cost video- helpful! We are about to switch to Platinum in a couple weeks. Is there a way to allocate based on weight? I am surprised that is not an option (although I read on some other website that it was) since freight for instance is largely based on size and weight?
Very good tutorial on landed cost allocation. May I ask how may Landed Cost Accounts can I set up in QBE? For example, could I have Landed Cost for Shipping and another Landed Cost for Duties so I can see these two cost separated out in the Items?
Hi John! Thank you for your kind words. You can set up as many accounts as you want. Just make sure to use the other costs type when setting up the item.
Raeann, a question regarding the posting of invoice receipts to prior periods. If I receive items/inventory let's say in August and I close the period, then I receive the invoice from the vendor in September, quickbooks will not allow the posting to the prior period. In my business we run mulitple ERP's and have a hard close (lock down prior periods so no postings can occur once closed), trying to figure out if there is a work around for quickbooks so my prior periods don't change.
Hi Raeann, thanks for the vedios and your explanation very useful and helpful. I have one question about assembly items if I have attributes likes colors or sizes what should I do create items different or there any other options and is it available on premium or enterprise.
please guide me or let me me know, I'm very interested to knows thanks,
You will have to create a separate item for each attribute.
@@RaeannSalter thanks Raeann do you advise if I want use quick primary on cloud server not enterprise and which company or web can I use and the cost, thanks
How do I do landed cost without the advanced inventory feature? Thank You.
You need Advanced Inventory to allocate landed cost. Advanced Inventory only comes with Platinum and Diamond Editions. Let me know if you would like to update your subscription.
Excellent video, very clear and explanatory. Thank you so much!
Thank you!!
This works great if the costs are in the same currency. Not working for mixed currencies. For example if I buy from a USA Vendor but the transportation component is in Canadian dollars. Should it work for this use case?
I have had other clients that have had issues with multi currency in landed costs. It seems to be an issue that intuit needs to address.
I have allocated the cost and it says landed cost updated successfully, since I don't need to update the selling price, so I click "skip and proceed", however, after that, it shows nothing. would you please tell me why? what went wrong?
Hello I tried following the steps- But when I create the bills with items for customs duty etc mapped to the landed cost(Other account)- Instead of going to that account in the asset side these ar going and sitting in the inventory offset account- Not sure how to fix it. When creating the items I did create them as other charges
Hi Geetha, Thank you for your question. I think it has to do with how your landed cost is set up. Can you send me your screenshots to raeann.salter@mindingmybooks.com so I can take a closer look to answer your question?
I have this same problem. When I enter a shipping bill I selected an Other Charge item called 'Product Shipping to Warehouse' which expense account routes to Landed Cost to Allocate and Sales account is Misc. Revenue. When I Save & Close the Bill i get a credit to accounts payable and a debit to Inventory Offset Account. Were you able to find a solution?@@RaeannSalter
Nvm i figured it out. you need to create a PO for your landed cost shipping item, receive it, and tie a bill to the receipt. Only then will the accounting be correct AND the shipping will be available as a landed cost to allocate. In other words you cannot simply enter a bill for your shipping landed cost item because that debit will go to inventory offset account.
Is there a report in QB Enterprise that will show the partial or unallocated amounts remaining per vendor for landed cost? UPS, for example, will have an inbound amount to be allocated across several vendors. Other than generating a report from the Chart of Accounts or creating a custom transaction report, I have not found a way to look at unallocated/partial allocations for a specific vendor.
Dorlis Creager
Hi Dorlis, There isn't a report at this time that will show unallocated/partial allocations for a specific vendor. I'm told they are working on it at this time.
What if I get my freight bills weekly after the fact and they include an entire week's worth of cost? My raw materials receipts/bills are entered daily. Can I still allocated to the raw materials bills as they are received even though my freight cost was dated later?
Hi Todd, Yes you can allocate your freight to the raw materials even though your freight cost was dated later. That's the situation with most of my clients. They get billed for the freight at a later date. When you allocate you are choosing the bill and it adds it to your cost as of the raw material date received even though your freight date is different.
Hi- will this work the same way if we just want to separate our shipping out on the vendor bill and divide it amongst the products?. We have some vendors that send parts and bill us shipping.
Yes that will work. Landed cost is used when you receive a separate shipping bill from a shipping vendor across multiple bills.
I found only whole dollar amounts could be entered in the "Amount to Allocate" section. Is there a way to enter exact amounts?
Hi Dorlis, Have you tried to split by S&H Cost (manual)? If not, try that and let me know if that works.
Great video, very well explained
For the account you created labeled "Duties-R-US", was that supposed to be a fake account that the Landed Costs are stored in until they are allocated somewhere? Or should we be using the actual vendor that the Landed Cost amount will be allocated to once we move it to the received items bill? Thanks for your help!
That was the actual vendor name not a fake account. You would use the items bill with the vendor name for the landed cost to be allocated.
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you are great
Thank you so much!