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Re: Fwd: Accounting Entries For landed costpar
Your accounting flow does not seem balanced.if the goods cost 1000, and the shipping cost are 20Then the accounting entries should be:- debit inventory: 1020- credit payable: 1020This can be done is several steps.Receive the invoice (goods only):debit: goods transit 1000credit: payable: 1000Receive the goods:debit: inventory: 1000credit: goods in transit: 1000Receive invoice for the shipping chargesdebit: inventory: 20credit: payable: 20Cheers,On 17 March 2017 at 16:50, bhavik vyas <firstname.lastname@example.org> wrote:Hello Community members!I have situation where i am bit confused about landed cost system in the odoo.Currently in odoo landed cost entries are created asExpense - credit -> inventory -debitThat means it will reduce the amount of expense and increase the amount of assets in Profit & Loss statement and Balance sheet.Now let say we will also create invoice for the landed cost such as for transportation and invoice will be issued to transportation company similar story with freight and insurance.This will be vendor bill and entries will same as any normal purchase.and on validating this entry it will credit in receivable account and debit in expense account.If we check all entries for this single purchase order than expense entries will be nullifiedexpense credited in landed cost entryexpense debited in invoice entry.so ultimatelyinventory (i.e assets) are debitedcreditors (i.e also assets) are credited.i don't really understand how this odoo created landed cost effect on the book keeping.My client says that it should be likecredit in creditor (i.e actual vendor + vendor providing shipping and all)debit in expense (product cost + landed costs)debit in assets (inventory account)
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