Introduction
Welcome to the Landed Cost Item guide. This feature is an essential tool within Empress, designed to help you manage and track your landed costs associated with the procurement of items. Landed costs are the total cost of a product once it has arrived at a buyer’s door, including the original price of the product, transportation fees, customs, duties, taxes, insurance, currency conversion, crating, handling, and payment fees.
The Landed Cost Item feature is beneficial for businesses as it provides a comprehensive overview of the total cost of items, enabling you to make more informed decisions about pricing, sales, and overall financial planning.
Primary Functions and Benefits
The Landed Cost Item feature allows you to:
- View Item Details: Display the details of each item including the item code, description, quantity, rate, and amount.
- Track Receipt Documents: Keep track of your purchase invoices and purchase receipts associated with each item.
- Monitor Applicable Charges: Keep an eye on the applicable charges for each item that contribute to its landed cost.
- Manage Accounting Dimensions: Handle your accounting dimensions such as cost center for each item.
- Identify Fixed Assets: Identify if an item is a fixed asset.
Using the Landed Cost Item Feature
- Viewing an Item: To view an item, click on the Item Code. This will open a new window with detailed information about the item.
- Editing an Item: To edit an item, click on the Edit button located near the Item Code. Please note that certain fields may be read-only and cannot be edited.
- Sorting Items: You can sort items based on any field by clicking on the column header. For example, clicking on the Amount column header will sort items based on their total cost.
- Tracking Receipt Documents: The Receipt Document Type and Receipt Document fields allow you to track your purchase invoices and purchase receipts for each item. Clicking on these fields will give you detailed information about the respective documents.
- Checking Applicable Charges: The Applicable Charges field gives you information about the additional charges applicable to each item.
- Managing Accounting Dimensions: The Accounting Dimensions section allows you to manage your cost center for each item.
- Identifying Fixed Assets: The Is Fixed Asset checkbox indicates whether an item is a fixed asset.
Conclusion
The Landed Cost Item feature is a powerful tool in Empress that allows you to manage and track your landed costs, making your business operations more efficient and informed.
For additional support, please refer to the Empress User Guide or contact our support team for assistance.