The costing of imported goods, as it lands, arises as a sensitive and detail-intensive issue that requires considerable attention in order to calculate the landed cost accurately and efficiently. ASWAQ6 includes a dedicated, feature-rich, module that can help users with this delicate matter to improve the overall accuracy of calculating imported goods cost.
Recording Cost Elements Using Generally Accepted Accounting Principles
Cost elements are added to the letters of credit through normal accounting documents such as payment and journal vouchers. Individual and aggregated letter of credit balance appear automatically in transaction trails and financial statements without requiring any 'posting' or 'carry forward' procedure.
Calculating Landed Costs Using an Intuitive and Interactive Technique
When it's time to calculate landed costs, ASWAQ6 offers a worksheet that enlists all cost elements of the LC at hand, and requires the costing officer to provide the distribution method for each cost element. As the user selects the distribution method, ASWAQ6 allocates different shares to LC elements based on each items value or volume / weight. The user gets immediate feedback on cost allocation per item and therefore sees the exact and whole picture prior to approving items costs.
Part of Shipment Costing & Delivery Screen
Cost distribution can be based on item value, weight, volume, or even manually. This facility allows users to allocate different costs on items accurately and according to each cost nature.
Receiving and Selling Goods Even Before Determining Landed Cost
The letters of credit module in ASWAQ6 allows user to receive LC' s items into warehouses even before finalizing their cost. Furthermore, sales transactions can take place on these items prior to cost calculation. When all the costing elements have been gathered and entered, ASWAQ6 will transparently carry out adjustment entries against inventory and cost of sales accounts to reflect the actual landed cost of the items.