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item charge setup

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Posted on by 72
Hello,
 
can someone walk me through how to setup Item Charge? Which General posting account to select - Income vs Balance sheet account?
 
1. once I apply item charge to the purchase after I received an item - will it increase my cost of good/ cost per piece? 
 
2. Will it go back and adjust my cost from that specific charge item? 
 
 
Thank you,
  • Suggested answer
    Inge M. Bruvik Profile Picture
    Inge M. Bruvik 32,714 Super User on at
    item charge setup
    2. Will it go back and adjust my cost from that specific charge item? 
     
    If you add item charge to goods that is already sold - the cost for the sold goods will be adjusted with the item charge if that was your question.
     
  • paul22 Profile Picture
    paul22 72 on at
    item charge setup
    @HVGEEL and YUN ZHU,
     
    Freight and tariff are expense not income correct?  - part of item cost. to Calculate landed cost - for example item cost me from raw material to finish $2 and I spent $1 in freight and $.50 in tariff. My real cost is $3.50  per pc.
     
    Once I apply Item charge - My inventory and account payable should go up correct?  is there any other debit or credit needs to happen? 
     
    1. Freight should be balance sheet account correct? 
     
    2. Once I apply item charge - which account should effect? 
     
     
    Thank you,
     
     
     
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 59,978 Super User on at
    item charge setup
    Hi, the setting of the posting group is in the following pages, and you can set it to test whether it meets the requirements.
    Item charge:
    Vendor:
    General Posting setup:
    Vat Posting setup
     
    Hope this helps.
    Thanks.
    ZHU
  • Suggested answer
    HVGEEL Profile Picture
    HVGEEL 278 on at
    item charge setup
    the answers to your questions are:
    - Which General posting account to select - Income vs Balance sheet : 
    that depends on local legislation and the type of Charge.
    For TRANSPORT, it will be an income, for received taxes of some sort, it might just be a balancesheet account.
     
     
    - once I apply item charge to the purchase after I received an item - will it increase my cost of good/ cost per piece?  
    Yes it will: upon assigning and posting the charge, additional Value Entries of type Charge will be created under the corresponding Item Ledger Entries.
     
    Will it go back and adjust my cost from that specific charge item?  
    did not really understand the question: transport charge for instance is different ever single time...

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