Facing problems while setting up Landed Cost in QuickBooks Enterprises? This article shall apprise you with a step-by-step walkthrough for setting up landed Cost.
The landed Cost allows you to keep better track of your product costs. It can account for shipping, customs charges, insurance, and other incidental expenses. You may see the landing cost for every bill to which you add inventory and shipping goods once you’ve put it up. Here’s how to get started and set it up for knowing the process to set up landed cost in QuickBooks desktop enterprise solutions. So, keep reading!
Steps to setup the landed cost in QuickBooks enterprise
Following are the methods to calculate landed cost in QuickBooks Enterprise Services:
Method 1: Setting up your Landed Cost account
You must first enable Advanced Inventory for QuickBooks Enterprise Platinum Edition v20.0 before you can set up landed Cost. To map shipping and handling items, you can either establish a new account or use an existing one.
- Select ‘Preferences’ from the ‘Edit’
- Go to ‘Company Preferences’, then ‘Items & Inventory.’
- Choose ‘Advanced Inventory’
- Select’ Setup landed cost account’ from the ‘Landed costs’
- Select ‘Save & Continue’ after creating a new account or logging in with an existing account.
Step 2: Map shipping and handling items to the Landed Cost account
- Select or add new shipping and handling items, such as shipment, customs, labor, and so on.
- Click the items named ‘Shipping & Handling.’
- Map out your shipping and handling materials.
- Choose ‘Save & Close.’
How to make new Landed Cost items in QuickBooks?
- To add new things to the landed cost account, create an item type of Other Charge and then add it to the account.
- To do this, follow the below-mentioned steps:
- Choose from the ‘Item List.’
- Select ‘Item’ and then ‘New.’
- You must now enter it into the Landed Cost account:
- Select ‘Preferences’ from the Edit
- Go to ‘Company Preferences’, then ‘Items & Inventory.’
- Choose ‘Advanced Inventory’
- Go to the ‘Landed Costs’ tab and then to ‘Manage Landed Cost Account.’
- Click ‘Save and Continue.’
- Click Add Item, then select the Item you want to add.
- Choose ‘Save & Close.’
How to calculate landed cost in QuickBooks Enterprise Services?
You can calculate landed Cost in QuickBooks Enterprise Services now that you’ve mapped shipping and handling items. Once you’ve set up landed Cost in QuickBooks Desktop Enterprise, you’ll be able to view it on any bill where you’ve added inventory or shipping goods. This is how.
Step 1: From a bill, add inventory and assembly items.
- Choose your inventory.
- Choose to Calculate the landed Cost.
- Select ‘Add bill’ from Inventory and assembly items.
- Choose the bill with the inventory items you want to compute.
- Click ‘Add a bill.’
Step 2: Add the Cost of shipping and handling to the bill.
- Select ‘Add bills’ from the ‘Shipping and handling fees’
- For the inventory, you want to calculate, select the ‘shipping and handling invoices.’
- Click ‘Add a bill.’
Step 3: Calculate the Bill’s landed Cost.
- Choose ‘Split by’ from the drop-down menu. By quantity, amount, percentage, or manually, you can split shipping and handling charges between inventory and assembly items.
- To add the landed charges to your statement, select ‘Post to the bill.’
Step 4: Update the selling price to reflect the landing cost.
You may wish to adjust some of your selling prices because landed Cost provides you a more realistic cost of your goods.
- Choose the items whose prices you would like to change.
- Enter a new selling price, and then click ‘Update and Continue.’ If you don’t need to change the price, click ‘Skip and continue.’
- Select ‘Save’ to update your bill.
This article entailed all the steps you need for setting Landed Cost in QuickBooks Enterprise. If you face any issues while implementing the walkthrough enumerated by this article, reach out to our QuickBooks technical Support Team via 1-800-761-1787. Our team of experts works selflessly towards addressing all your accounting-related queries.
