One of the tasks in a company that imports products from abroad that we often do not give importance, is the process itself to import these products from inventory. In this Tip article, we want to let you know how InterFuerza allows you to do this task easily and efficiently.
Description of Import Costs
This is the cost resulting from acquisitions made outside the country where it is important to establish the original foreign currency cost plus the expenses demanded by the purchase, import duties or taxes and the expenses incurred in the country until the goods arrive at the warehouse. This is a typical case of cost overhead.
Currently many accountants and companies do this process of charging other costs to the products they are importing manually, driving them to expense or overcharging unit costs.
Process in InterFuerza
In InterFuerza there is a process as such embodied, defined and functional to comply with best practices. First let's look at the following image:
Input Cost = (Supplier Cost + Other Costs (Freight/Insurance/Import Imp))
It is important to note that the Supplier's Cost refers to the cost at which the Supplier sold the goods, also called FOB. Other Costs are costs generated through another invoice or purchase document from a supplier other than the supplier of the purchased goods. Therefore it is not part of the account payable of the supplier of the goods. This is where things get a little more complex, as you can keep the CxP of all the suppliers and at the same time charge the other costs so that the Cost of Goods Receipt considers all the costs associated with bringing in the goods.
InterFuerza has modules and procedures that allow you to do it in the most efficient way. You can access the procedure in the following button and see how to perform the complete process in our documentation portal.