Cost price calculations

How-to
1

Hello,
We are selling imported goods.
Please suggest how to calculate the cost price of the inventory items, which were imported - which bookkeeping tools or procudures should be used?

2

Hello @Andriy_Alyeksyeyev

I have attached the Invoicing in foreign currencies article for your below.

https://support.quickfile.co.uk/t/invoicing-in-foreign-currencies/8901

3

Hi Steve,
Thanks for your reply.
This article is about the payment process and Invoicing, very usefull, I`ll follow it.
Is there any way to calculate the cost price for each imported item?
For example, if I purchase 1000 pcs of items 10 GBP/pce in China:

  1. I run the Invoice payment for 10000 GBP to the supplier
  2. pay the delivery charge, for example 1000 GBP
  3. pay the customs duty, for example 10% - 1100 GBP
  4. and pay VAT for import: (10000+1000+1100)x0,2=2420 GBP
    So, the cost price of the imported item is 10000+1000+1100+2420 = 14520 GBP totally or 14,52 GBP/pce incl VAT(12,10 GBP/pce excl VAT)
    Please share the related articles of how can I run this with your software and make a bookkeeping correctly
4

Hello @Andriy_Alyeksyeyev

There is nothing specific in QuickFile for this.

You would just enter the invoice as per the invoice from the supplier.
This would include relevant lines and nominals codes for delivery/customs/import vat etc

5

Hi Steve,

This might be enough.
Please tell me, can I try it on a demo account, to run all the cycle for the imported items: from purchasing deposit to selling to the client?

6

Hello @Andriy_Alyeksyeyev

QuickFile is free up to the first 1000 nominal postings in a rolling 12 month period then £60 +vat per year after that.

More information on pricing can be found in the link below.
QuickFile Pricing.

You can just sign up again with a different email to test without affecting your live account.

1 Like
7

Hi Steve,
In my situation I have at least 2 Invoices for one cargo:
first one - from the goods supplier, for example 5000 GBP
and second one - from the service supplier to bring these goods to the final destination(this can be all together - delivery, customs, duty and VAT) for example 1000 GBP
Is there any tool in QuickFile, which allows me to add the expences from the second Invoice to the cost of the cargo from the first Invoice? Because the cargo is really cost 5000+1000 GBP=6000 GBP in UK

8

Hello @Andriy_Alyeksyeyev

There is not I’m afraid, generally the purchases would be coded to a purchase code and the carrier cost to a different code.

I would reccomend checking this with your accountant.

If you don’t have an accountant, we have a panel of accountants (familiar with QuickFile) to choose from, for more information, please see the following link:

1 Like
9

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