Your MYOB software cannot automatically apportion landing costs to individual line items. This procedure is a workaround to ensure that:
Please follow these instructions to set up
Other actual landed costs accounts may be set up if required.
Set up stock items as normal as per the example:
Set up a Landed Cost Adjustment item as follows:
Steps to be completed for each shipment that arrives
Complete an Excel spreadsheet for the imported shipment to allocate the landed costs to the individual items.
Formulas in the above spreadsheet:
In your MYOB software, enter a purchase from the supplier for the items at full landed cost, and on the last line enter a negative Landed Cost Adjustment
There may be a rounding amount as in this case ($0.19), just leave as is.
As invoices are received for actual landed costs, enter these using service purchases and code to respective cost of sales accounts.
(Remember that Customs GST does not form part of the cost of the goods and should be coded to a separate GST Liability Account!)
Question: The balance of my inventory account happens to be negative. Can you tell me why? Have I done anything wrong? I did error checking every time before closing the MYOB data file.
Answer: Unfortunately, yes you have done something wrong or inherited a problem. The general ledger balance of the inventory account (s) can only go into negative if:
Review the transactions that have gone through the inventory account to see where the offending entries are. You may need the help of your accountant or a certified consultant to help you fix this problem.