The Import Costing Module is designed to allow importers to create purchase orders in a foreign currency and, when receiving those goods, to record all costs related to a shipment and calculate the landed cost of the stock received and gross profit margin.
The exchange rate table provides for multiple currencies and can be found in the master file update menu
The Import Costing module can be used to receive all items, record all costs and charges relating to a shipment (e.g. freight, duty and brokerage), and have the costs appropriated by weight, volume or $ cost to give a landed $AUS cost for the updating of your Inventory master file.
The Import Costing module can also be used to quote or produce "what if?" quotation calculations to estimate what a shipment would cost you if an order was placed.
During the importing process, Micronet defaults to the exchange rates currently set. A batch can be created for each shipment of goods. As costs become available, the batch can be recalled, updated and printed/processed, reviewed to see what has been posted so far, or left on file for further updating as more costs come to hand. The Inventory master file is not updated until the batch is printed and processed.
When you are establishing a shipment batch, you may call on one or more purchase orders relevant to that shipment for details of the items ordered. All goods received via an import shipment batch are received into stock, therefore any backorders for customers to be filled as a result of the shipment should be invoiced from stock.
You can force Micronet to take into account items already received but still the subject of an import costing batch. Micronet takes the total of costs entered so far, plus a loading percentage which you may choose to apply at that time, and updates your stock with that figure. When you complete the import costing for that item and close the batch, Micronet takes the difference between the figure already posted to stock cost and the total of your shipment worksheet and posts this figure to Stock Revaluation Dissection in Micronet for transfer to the General Ledger.
If you have Micronet Creditors Ledger and Micronet General Ledger, Import Costing may be integrated to these ledgers. Information relevant to the Creditors Ledger may be entered at the time costs are added to the shipment import batch. With one entry, the import costing is updated and the Creditors Ledger is also updated.
Import duty and sales tax may be transferred to the Creditors Ledger as above or, if you have already paid these amounts, you may update directly to the General Ledger at the time those costs are added to the shipment import batch.