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Actual Landed Cost Assignment


Using the Actual Landed Cost Assignment functionality allows you to assign the actual landed cost amount directly to the inventory received for a Purchase Order or a Transfer Order. This allows you to increase the inventory value of these items, or Cost of Goods Sold, if the inventory is sold already.

All cost adjustment GL Entries are posted using the historical transaction date. If the accounting period for the historical date is closed already, the cost adjustment GL Entries will use the first date of the current open accounting period.

Read Daily Adjust Cost Routine for more information.

Landed Cost Service Items

Create up to 5 Service Items to record actual landed costs.

  1. Item No. should correspond to the landed cost component and should start with “Z-”. The Item Type must be Service.

You can skip the Account Posting Setup record for the Landed Cost service items.

Company Setup

In order to activate this functionality, put a check in the Enable Actual Landed Cost Assignment field in the Company Setup. Edit the page layout to add this field if it is not there.

Click the Default Inventory Setup to define up to 5 Landed Cost Service Items. 5 Accrued AP Landed Costs are not required.

Once you have the Actual Landed Cost Assignment enabled, you can no longer use the Accrued Landed Cost functionality.

Process Purchase Invoice

  • When you receive the invoice for the landed costs of a purchase from your vendor, enter the Purchase Invoice using the corresponding Landed Cost Service Item setup in the Additional Setup portion of the Company Setup.

You can assign both positive and negative Landed Costs.

  • Quick Save the Purchase Invoice. Once the Purchase Invoice has been saved, you will see an Assign button on the purchase line.

  • Select the Assign button to open the screen to assign the landed cost to an already posted Warehouse Receipt.

  • Select the Assign Invoice Landed Cost button.

  • Posted Warehouse Receipts will be listed. You have the ability to filter the Warehouse Receipts by Purchase Order No, Transfer Order No, Buy-From Vendor No, Receipt No, or by the Posting Date.

  • Once you locate the Warehouse Receipt(s) that you want to assign this charge to, put a check in the Select to Add field and click Add Lines.

  • The Warehouse Receipts that have been selected will be added to the Selected Whse Receipts section.

  • You can add additional lines or remove lines from this section.

  • Once you have the Warehouse Receipts in the Selected Whse Receipts section, select Assign & Return.

  • The total cost on the purchase invoice line will be allocated based on the quantity of the Whse. Receipts Lines. 

Discuss with a GoldFinch consultant if you would like to allocate based on other criteria, such as Weight, Volumn, etc.

  • You can manually adjust these costs for each line, but the total must equal the total Line Cost.

  • Click Save & Return.

  • GoldFinch will create additional Purchase Invoice Lines (with Line Type = Assigned Line), showing what Warehouse Receipt(s) the cost has been assigned to.

  • Post the Purchase Invoice.

  • The Adjust Cost Routine that is scheduled to run at nighttime will automatically adjust all outbound Item Ledger Entries.

If you are required to pay the landed cost vendor invoice before you receive the inventory, you can issue a vendor prepayment first, then apply it to the invoice later after you can assign costs to whse receipts.

Posting Results

GL Entries

Credit entry will be created for the total cost to the Accounts Payable GL Account.

Debit entry will be created for the Inventory Asset GL Account that is related to the item the landed cost is assigned to.

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