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Re: Fwd: Accounting Entries For landed cost

by
bhavik vyas
- 07/06/2017 05:27:33
Okay so let me put all together.
Product Expense account will be account that will hold values for stock in transit.(Stock Input)
Product Stock Input will also be (Stock Input)
Product Stock Valuation will be (Stock Valuation/inventory)
  Is that correct ?

I want to achieve somthing like 

1000 invoice and 200 shiping so 

Purchase of 1200 ( Purchase of Goods + Purchase of Shiping service)(This should go in P&L in Expense part)
Stock valuation Of 1200 ( As closing stock in P&l and Balance Sheet)
Payable Credit 1200 ( vendor of goods and vendor of shiping service)

so 

P&l
Income 
         Closing Stock - 1200
Expense
         Purchase Account - 1000
         Shipping Account - 2000

Balance sheet
Asset
        Closing Stock - 1200
Liability
        Account Payable - 1200

Basically Closing Stock is same account(Stock valuation Account)
Purchase and shipping account both can be same or different .i mean we can do purchase account - 1200 
or Purchase 1000 .

Can this be achieved with odoo?
I tried with Stock Landed Cost module as well but,it gives little bit different result.


Bhavik Vyas
ERP-Consultant
9033986379
ITMusketeers Consultancy Services LLP



On Wed, Jun 7, 2017 at 12:30 PM, Dominique k <dominique.k@elico-corp.com.sg> wrote:
Go to the product, and set the expense account. It can be an inventory account or an expense account.

Cheers

On Jun 7, 2017 2:46 PM, "bhavik vyas" <bhavikvyas1991@gmail.com> wrote:
Thanks Dominic for you reply.
But here you mentioned 

Receive the invoice (goods only):
debit: goods transit 1000
credit: payable: 1000

Receive the goods:
debit: inventory: 1000
credit: goods in transit: 1000

Receive invoice for the shipping charges
debit: inventory: 20
credit: payable: 20

Receive the invoice (Goods Only) 
This is a invoice for purchase proccess
So I think odoo will create something like
Debit - Purchase
Credit - Payable

Can you tell me how it will post entries to Goods transit?

Also you said the final entries should be 

 debit inventory: 1020
- credit payable: 1020
But in this case it will not show any expense in P&L statement ,which in my case necessary.
Can you guide me to achieve this.?

Bhavik Vyas
ERP-Consultant
ITMusketeers Consultancy Services LLP



On Fri, Mar 17, 2017 at 2:35 PM, Dominique k <dominique.k@elico-corp.com.sg> wrote:
Your accounting flow does not seem balanced.

if the goods cost 1000, and the shipping cost are 20

Then the accounting entries should be:
- debit inventory: 1020
- credit payable: 1020

This can be done is several steps. 

Receive the invoice (goods only):
debit: goods transit 1000
credit: payable: 1000

Receive the goods:
debit: inventory: 1000
credit: goods in transit: 1000

Receive invoice for the shipping charges
debit: inventory: 20
credit: payable: 20

Cheers,

Dominique KON-SUN-TACK  [Project Manager]
Odoo Gold Partner, best Odoo Partner 2014 for APAC

Skype: dominique_elico

On 17 March 2017 at 16:50, bhavik vyas <bhavikvyas1991@gmail.com> 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 as
Expense - credit  -> inventory -debit

That 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 nullified 
expense credited in landed cost entry
expense debited in invoice entry.

so ultimately 
inventory (i.e assets) are debited 
creditors (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 like
credit in creditor (i.e actual vendor + vendor providing shipping and all)
debit in expense (product cost +  landed costs)
debit in assets (inventory account)

Bhavik Vyas
ERP-Consultant
ITMusketeers Consultancy Services LLP




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