February 3, 2021

QuickBooks Enterprise

QuickBooks Enterprise all right so let's move on to landed costs and we'll do a demo of this because you have to see a demo of this of it this is a the most amount of new windows and new. Featurettes I've seen inside QuickBooks in a very long time so a lot of sort of moving parts into this, but basically you turn on the the landed cost feature in the, advanced inventory section is only on the Platinum Edition of enterprise you. Have to pick a other current asset account to be the clearing account for your shipping expenses will show that you have to create an. Item you have to create an item where where all these landed cost components are going to, be sending to this could be shipping this could be customs this could be insurance all those things that get essentially need to be added, to the cost of inventory you're gonna pick which items point to that clearing account and then you're gonna have a new screen where you can.

Allocate that so that's not just look, much better in the demo just showing you what the screenshot looks like and then once the the prices are updated QuickBooks will, give you the choice to update the selling price because you know sometimes we have specific markups that we want to have and. If our you know shipping cost and insurance cost and freight cost customs whatever increase the cost of.

Our product technically we should increase their sales price of the product as well then you're gonna see a new little tag on the right.

That says includes landed cost and it will proceed to do sort of that. That landed cost classic landed cost workaround and you can see the item prices go up and then you're gonna see the clearing account. Go down I have to show that with with the demo so. Let's let me switch over to the demo alrighty so we're gonna do landed cost so the first thing I'm gonna do is I'm gonna go to the edit menu preferences then I'm gonna go to items. And inventory I'm gonna go to company, preferences so I'm going to turn on landed cost okay so I'm going to click on setup landed cost and basically what this screen forces. Me to do is to select a order current asset account or create a new other current asset account to me. My clearing account for shipping so I'm gonna call this clearing landed cost account okay so I'm creating a new, other current asset account now I completely hate the fact that I can choose a custom good sold account I really hate that so again in this screen you are. Forced to create a new current asset, account or or pick a current asset account I wish I could have picked the cost of goods sold account but that just was not there you know I suggested it to the, to the development team I think they didn't understand the reason why but, it's a whole nother ballgame for now it's gonna be another current asset account I'm gonna click on save and close and then he says hey. No items are mapped to that that's okay we're gonna click. On add later and we'll show you that okay good so now landed cost is quote-unquote officially, enabled so I'm gonna click OK and ok so now I'm going to, create a couple of items here and that's to let me start with a author it needs to be an other charge and I'm going to call this, shipping and this could be a double-sided item that's okay and I have to make sure that clearing landed cost account. Is selected as the expense account on the income account I can just call this one your shipping income whatever it happens to, be and then I click okay so I got my item for shipping that is pointing to the correct account, I'm gonna create another item I'm gonna call, this one customs duties right tariffs whatever you want to call it and I'm gonna send this to the clearing land that. Cost accounts and I'm not gonna make this one double-sided item I just want to make sure this goes to the clearing account there you go and then I click OK and then I'll do one more, and I'll. Call it insurance the insurance and I'm gonna send this one into my landed cost clearing account there you go so as long as I got items that point to that landed cost clearing account we're good. To go I'm gonna go and create a couple of inventory parts here so let's. Do widget 1 and we send this to cost of goods sold and sales and let's make this one a cost, of 50 and a sales price of 100 and we'll click on ok and then I'm going to double duplicate this one and.

Then we'll do widget number 2 let's make this one a cost of 100 sales price of 180 kind of varying these things, I'll, click ok one more and I'm going to double click here duplicate and duplicate screen and then I'm at the widget number 3 and, we're gonna make this one $15 sales price 25 so I got a variance of widgets here that we're gonna, be using so now I'm gonna go into bender enter bill by some basically I'm gonna. Get a bill is call this one whole sale world and we're gonna go ahead and bring a couple of items in here so I'm gonna bring Butley widget one widget two and widget three I'm gonna bring. A hundred of each okay this is gonna make it very easy to visually, see it so I'm bringing 100 of each I'm gonna click on save and what you need to keep in mind is. I'm gonna go into my inventory valuation summary we're gonna. We're gonna be monitoring this ok and these are the cost of our products fifty a hundred and fifteen now what will happen is we're gonna probably start calling will probably.

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