When you receive an actual landed cost invoice, you can follow the steps below to reverse Accrual APs and assign costs to the items for reporting.
This step is only required if you would like to analyze accrued landed costs with the actual landed costs to the Item level.
Process a Purchase Invoice
Enter a Purchase Invoice using the corresponding Landed Cost Service Item.
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 cost to an already posted warehouse receipt.
Select the Assign Inbound 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 to 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.
If you manually adjust these cost, you must select 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.
Invoiced Landed Cost fields are compared with Accrued Landed Cost fields for reporting.
Post the Purchase Invoice.
A Credit entry will be created for the total cost to the Accounts Payable GL Account.
A Debit entry will be created for the Invoiced Landed Costs to the Purchase GL Account for the service item.
The Purchase GL Account of the service item must point to the corresponding Accrual A/P Account specified in the Inventory Setup. It should not point to a standard purchase account.
Report GF2015 Landed Cost Accrual vs. Actual can be used to analyze the Landed Cost variances by comparing the estimated Landed Costs with the Invoiced Landed Costs by Item and by Posting Date.