Integrated Landed Costs for Importing, Shipping and Handling
Features at a glance
- Automatic conversation using exchange rates
- Quick and easy visibility of every shipment
- Actual costs incurred by container, given route, product type
- Separate out stock and shipping accruals
- Real-time stock system including allocations
- Minimum stock quantities and re-order levels
- Reserved stock by customer
- Multiple bin locations, warehouses and stock types
- Multiple sourcing options at point of order including back-to-back ordering
- Stock ageing reports
- Customer product codes
- Full stock factoring (buy in cases, sell in singles)
- Serial and batch number tracking
- Unlimited default suppliers
- 99 pricing bands
- Price by currency
- Pricing by customer, stock type, volume
- Intrastat reporting
- VAT rates set by country code
- Analysis by product types and groups
- Stock values held on actual basis
- Calculated average and actual values held for reporting purposes
- GRNI accruals automatically maintained
- Maximum visibility of cost variances
Importing goods can be an effective way of finding low-cost supplies, reducing your costs and making your business more competitive. It also gives you an easy way to branch out into whole new product lines and to sell things that are not generally available in the UK.
Importing means that it is even more critical to accurately track what your stock is costing you more than ever before. Your stock cost is more than just the price you have paid for it. Freight, insurance, duties and other taxes have to be incorporated into the cost of your stock for you to get to the real price you have paid for your goods.
Having this accurate picture is what you need in order to make the whole importation process profitable. Undervaluing your stock means that you are in danger of setting your prices too low or even selling at a loss, something you will only pick up when it is too late.
To help you through this process is My.N's advanced Landed Costs System. At each point in the process, My.N gives you the answers and makes your job easier, quicker and your stock valuations more accurate. All of this functionality is within a completely integrated business system giving you the best possible platform from which to run your whole business.
Key Elements of Landed Costs
My.N's Landed Costs System allows the costs of importation, including duties and levies to be capitalised into the value of your stock on its receipt into the system. This is done by providing a framework which allows you to build up a profile of the costs associated with landing a shipment.
When the purchase orders are received into the system, the cost of the goods are automatically combined with the costs associated with the shipment. This provides you with maximum visibility of cost variances and separates out stock and shipping accruals.
Purchases and Costs in Foreign Currencies
Accounting for landed costs incurred from international suppliers is complicated due to foreign currency invoice amounts. However, My.N helps you to handle these issues quickly and easily.
As a dual-base currency system, each entry processed has amounts posted to the ledgers in both the local currency and one other currency. If the source entry is raised in a third currency, then the equivalent amounts for that currency are posted as well.
Landed costs entered in the system in their original currency are automatically converted using the systems' exchange rates. On receipt of the stock and expense invoices, the exchange rate can be adjusted ensuring a quick, easy and accurate valuation.
Profiling a Shipment
Creating a Shipment:
A shipment brings together details of the voyage including all costs associated with importing a shipment, and the purchase order lines on that shipment. This associates the two sets of shipment costs and allows them to be apportioned and rolled into the stock costs.
Adjustment to a standard cost profile can be done at any point in the process, up to the point that the shipment is received into the system. The apportionment of costs can be managed automatically by weight, volume, quantity or set manually.
Dealing with On-Costs
My.N also allows you to automatically account for additional costs incurred in the course of managing your stock. Typically, this could be anything from warehousing and insurance to despatch and distribution.
For this, you are able to set up 10 additional costs which accrue to the value of the stock on receipt. Each cost can be set as an absolute value or as a percentage. As you would expect from the system, GRNI accruals are maintained throughout the process.