Current Process
FIFO Costing Method
Inventory costs are manually adjusted for currency conversion rates and a “standard” markup for shipping costs (includes duties, insurance, etc.). This is done every time they make a purchase or receive a price list
Bulk purchase discounts; discounts often appear on a separate line and aren’t always automatically factored into the cost calculations within the system
For truckload purchases, an average shipping cost of 5–10% is added manually to each item. This shipping cost is often recorded separately and is not part of the vendor’s invoice, which requires an additional step to account for it
Landed cost discrepancy of about 10% between the cost recorded in the system and the actual landed cost at the end of the fiscal year, due to applying a standard markup to cover shipping costs rather than calculating it on a per-item or per-project basis
Requirements
Landed Cost Configuration
Configure the landed cost fields to capture shipping, insurance, and other potential costs
Standard 10% markup for now
Set up accruals for landed costs when invoices are received at a later date
https://help.goldfinchcloudsolutions.com/goldfinch/manage-landed-costs