Landed Costs Accruals
Posting Accruals is a major concern for financial departments willing to secure an accurate result when accounting period is closing. Landed Cost are often invoiced with delay even if the associated sales/purchase order has already been shipped/received.
Landed Costs application provides a Landed Cost Accruals report. This report is to be used to calculate and post accruals specifically for Landed Costs.
Landed Costs Accruals report is available via the search page or from the Posted Landed Costs page
When user chooses for Post Landed Cost Entries on the report request page it will generate Recurring Journal Lines for the calculated accruals on the defined Recurring General Journal. This would be Reversing Fixed lines. This way the posted accruals will be reversed on the next day.
Business Logic
The Landed Cost Accruals report selects all Posted Landed Costs where Open Amount field is greater than zero and with Posting date being less or equal to the report request page Posting Date.
Setup
Prior running the Landed Cost Accruals report you need to complete the following setup.
- On General Posting Setup, define the Landed Cost Accruals Expense Account.
- On Vendor Posting Groups, define the Landed Cost Accruals Liability Account.
- On VAT Posting Setup, define the Landed Cost VAT Accruals Account.
Running Landed Costs Accruals report
Request Page: Options
| Field | Description |
|---|---|
| Posting Date | The date on which accruals should be calculated. |
| Print Details | When print details is selected then the detailed report (with detail per posted landed costs entry) is supposed to be printed. If details is false then report is limited to total per vendor (see report lay-out hereafter. |
| Print in Grey | When true (and print details is true). Each odd line should be with light grey background. |
Request Page: General Legder
| Field | Description |
|---|---|
| Details | Options No G/L Entries and Post Landed Cost Entries are available. First option will only generate a report to be printed. Second one will generate report and recurring journal lines. |
| Recurring Journal Template Name | Enabled and mandatory when Post Landed Cost Entries is selected. |
| Batch Name | Enabled and mandatory when Post Landed Cost Entries is selected. |