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  13. (Accounting) Receive goods without...

(Accounting) Receive goods without quality control, with a landed cost and cost type FIFO

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The following describes the accounting transactions that are created when you receive goods and the cost type is FIFO. A landed cost for Insurance is applied which is 15% of the purchase price.

Prerequisites

Quantity received 11.315
Purchase price 33.33
Order discount on order header 3.33%
Landed cost (Insurance) 15%

Created transactions

Transaction type Description Amount
Debit		 Amount
Credit		 Calculation/Result/Additional info
933 Goods received awaiting costs 364.57  
Net purchase price * Received quantity

In this example, the figures are:
Purchase price – order discount: 33.33 – 3.33% = 32.220111, rounded to 32.22
Net purchase value: 32.22 * 11.315 = 364.5693, rounded to 364.57

This transaction increases (debits) the Goods received awaiting costs account using the net purchase price multiplied by the received quantity.
930 Reception from supplier   364.57
Net purchase price * Received quantity

In this example, the figures are:
Purchase price – order discount: 33.33 – 3.33% = 32.220111, rounded to 32.22
Reception from supplier: 32.22 * 11.315 = 364.5693, rounded to 364.57

This transaction is the net purchase value that is normally accounted on a purchase account in Financials.
901 Stock value 419.26  
364.57 + 54.69 = 419.26

This transaction increases the stock value using the net purchase value multiplied by the received quantity, plus the landed cost value of the insurance.
933 Goods received awaiting costs   364.57
In this example, the figures are:
Purchase price – order discount: 33.33 – 3.33% = 32.220111, rounded to 32.22
Net purchase value: 32.22 * 11.315 = 364.5693, rounded to 364.57

This transaction decreases (credits) the Goods received awaiting costs account using the net purchase price.
932 Landed cost – Insurance   54.69
364.57 * 0.15 = 54.69

This transaction increase (credits) the landed costs account for the insurance using the actual cost of the insurance.

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