Skip to main content
M
maali
November 16, 2023
Solved

Booking several costs for same inventory item

  • November 16, 2023
  • 1 reply
  • 0 views

Hi; I have to book several costs for the same inventory item; any ideas how to do?  E.g. We import an item and the container has 1000 pieces.  The costs are: 1.  Item payment to supplier overseas.   2.  Customs duties and taxes.  3.  Transport costs.  So there are several entities being paid for the same 1000 pieces shipment which will go to our inventory.   Ideally all these costs should add up and QB should spread those to the 1000 pieces and come up with a unit cost.   Many thanks for any help I can get

Best answer by Rainflurry

@maali 

 

QB Enterprise is the only version that has the ability to add landed costs to items.  It allows you to allocate the cost of multiple bills to an item.  You can try this workaround that @Rustler  posted a few years ago:

 

https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/re-qb-does-not-handle-landed-costs-so-you-have-to-use-a-wor/01/1181551/highlight/true 

1 reply

K
Kurt_M
November 16, 2023

We're delighted to have you here in the Community space, @maali.

 

When managing or entering an item or product in QuickBooks Online (QBO), you'll only want to add up all the costs to acquire the item and enter them in the Cost field. Once you're ready, determine the exact price of what you sell them for and enter them in the Sale Price/Rate section. We'll gladly write down the steps to get you going:

 

  1. Access your QuickBooks Online company.
  2. On the top-right corner, click the Gear icon and then Products & services.
  3. Select New, then select Inventory.
  4. Fill out the required details like Name and SKU.

 

For further guidelines, please see this page: Add inventory products in QuickBooks Online.

 

Also, we recommend checking these articles to help you track inventories, and learn more about COGS in QBO:

 

 

You can inform us anytime if you have other specific tasks you'd like to complete inside QuickBooks or need assistance managing inventory items. We'll be here to help you out again.

M
maaliAuthor
November 16, 2023

Hi; Unfortunately your answer doesn't help.  Imagine I order 1000 units of an item from France.  For the 1000 items there is an invoice of the supplier for say 90000 Euros.  So I add the 1000 in my inventory for 90000€ then after 6 weeks I have another cost which is also related to these 1000 units and its the customs and import taxes say 40000€.  So now this needs to be added to the cost of the same 1000 units but there is no way to add it to the same inventory cost.  Then there will be local transport costs etc.  What you are suggesting is that we dont book these costs until we know all the costs which is not practical as it means for weeks we may not have the accounts up to date.....

Rainflurry
RainflurryAnswer
November 16, 2023

@maali 

 

QB Enterprise is the only version that has the ability to add landed costs to items.  It allows you to allocate the cost of multiple bills to an item.  You can try this workaround that @Rustler  posted a few years ago:

 

https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/re-qb-does-not-handle-landed-costs-so-you-have-to-use-a-wor/01/1181551/highlight/true 

Terms & ConditionsAccessibility statement