Mr. Hector you nailed it. I am following you from almost two years now and would recommend everyone to watch his videos especially Quickbooks users. I myself is certified chartered accountant ACCA UK so thank you again.
@HectorGarciaCPA5 ай бұрын
:) thanks
@eliballah2171 Жыл бұрын
Wow. You nailed this video. I’ve been trying to figure out how to do this for months. Thank you so much.
@mahamoudismail77173 жыл бұрын
Thank you for this great video, Mr. Hector. I have been really facing the challenge of landed cost recording! A really great solution for my challenge. Thank you much.
@traverserun27768 жыл бұрын
Thanks for the quick overview of how to accurately calculate total landed cost so it does not interfere with COGS giving true profit reporting. Makes sense to put those expenses there to get a true landed cost to make an accurate pricing point. Thanks, Quinn.
@HectorGarciaCPA8 жыл бұрын
no problem
@123Smigiel8 жыл бұрын
Great demonstration. Exactly the steps I needed to learn how to do. Thank you!
@HectorGarciaCPA8 жыл бұрын
good.. is not a simple task.. a lot of people are disappointed with the manual process.. but is the only way to get it done
@123Smigiel8 жыл бұрын
+Hector Garcia (CPA) Having struggled to keep accurate records off-line, I think the manual process is pretty straight-forward, and once it's been done several times it will be pretty simple. Thanks again.
@yova2002 Жыл бұрын
Mr. Hector, thank you very much for sharing all your knowledges with us, you are saving lives. The only question I have is how do we determine the Customs Factor?
@HectorGarciaCPA Жыл бұрын
Its estimated based on volume percentages
@TheBallboy20106 жыл бұрын
Hi...you are doing a great job making such info available. Thank you.
@HectorGarciaCPA6 жыл бұрын
Behrouz Aftabi glad you like it
@daltonventura67337 жыл бұрын
Hector You are the best. Eres el número 1 Gracias.
@HectorGarciaCPA7 жыл бұрын
+Dalton Ventura gracias
@hamzawaheed474 жыл бұрын
Sir thank you so much!!! You are a good bookkeeper.
@HectorGarciaCPA4 жыл бұрын
Thanks.
@lindacarlton94107 жыл бұрын
Great presentation Hector and very helpful
@HectorGarciaCPA7 жыл бұрын
+Linda Carlton :)
@rp80864 жыл бұрын
What if the shipping has a different vendor and needs to be paid separately? Do I still expense that even though it's in the landed cost?
@ShakeelAhmad16858 жыл бұрын
Wow Hector! you have solved problem i was facing thnks alot
@HectorGarciaCPA8 жыл бұрын
great!
@learningpointacademy84464 жыл бұрын
Very informative. Great presentation. Thanks and Regards
@HectorGarciaCPA4 жыл бұрын
Learning Point Academy great! You welcome
@caty693710 ай бұрын
Thank you so much!! I've been struggling with landed cost and have a separate spreadsheet to calculate the true margin. This helps so much. Our customs and freight bills come in 2 months or more after the product bill. Can we just change the customs and freight bills by months? Will that cause a problem especially when the bills cross fiscal year end? Again thank you so much for these videos!
@HectorGarciaCPA10 ай бұрын
Yes crossing the year end could be an issue, youlll need to back date those bills
@pakelekia25529 жыл бұрын
Great information, Hector. Thanks. I have a client who can really use this info. Mahalo.
@HectorGarciaCPA9 жыл бұрын
pakelekia2552 great!
@STMConsEquip7 жыл бұрын
HI Hector, Good stuff. Thanks for uploading. But usually the foreign vendor would bill you in a foreign currency and the import duty and custom clearance charges etc are in local currency. How would you handle that? Would you convert the local charges into foreign currency or do you use some other method altogether? Thanks.
@HectorGarciaCPA7 жыл бұрын
+STM Construction Equipment too complex to answer through here... it requires to see te numbers and documents
@mariamcgrath79186 жыл бұрын
Hi @STM I have the same issue, we buy goods from the UK in £'s but the duty and freight is in Dollars. did you find a solution ?
@christinajohansen5447 жыл бұрын
Thank you for this information Hector! I have a question regarding how to calculate the customs factor. I know the customs fees we will be charged based off of the HS code for our products but do I also need to include the other fees associated with importing the shipment i.e. handling fees when the shipment arrives at port, document fees etc to get a true customs factor?
@HectorGarciaCPA7 жыл бұрын
Christina Johansen its hard... you may want to use an approximation.
@christinajohansen5447 жыл бұрын
That's what I was thinking. Appreciate your help Hector!
@annnelson33595 жыл бұрын
Hector - This is so helpful. Thank you! What if the ONLY inventory costs are external costs? (There is no actual purchase. Just the cost of removal of the material and transportation back to warehouse. (Labor or subcontractor, transportation, fuel, etc.) Thanks.
@HectorGarciaCPA5 жыл бұрын
Ann Nelson you can allocate your non-cash costs the same way shown on the video. It is just harder to asking a number to it
@damu26basky5 жыл бұрын
Hi Sir, This video helps a lot and justified for allocating the expenses to the cost of goods,Thanks. This helps us to fix our margin , with better clarity. however my doubt is the PO remains the same?, I noticed you did not change in this video as well, and QB did not give alert for the difference in price, what will be the impact in the books of accounts, we need to check and refer to the old PO's, when ever we send to the supplier. Iam new to quick books hence phence lease help me to under this logic.
@HectorGarciaCPA5 жыл бұрын
PO stays the same.
@danbooker278 Жыл бұрын
Great video Hector.. Is it the same process for QB Online?? Do you have another video for this?
@HectorGarciaCPA Жыл бұрын
Same
@danbooker278 Жыл бұрын
@@HectorGarciaCPA Thank you...
@a.al-kawari74518 жыл бұрын
Great workshop. You are solving a problem for the whole world :). Questions: - what do you mean by the shipping or customs factor? & how to determine them? - can you do custom fields on QBO POs ? Thanks
@HectorGarciaCPA8 жыл бұрын
A. Al-kawari well, different countries have different rates for different items.. the "factor" I was referring to is the cost for each item.
@HectorGarciaCPA8 жыл бұрын
+A. Al-kawari QBO can really manage custom fields the way desktop can
@a.al-kawari74518 жыл бұрын
thanks will look into it
@a.al-kawari74518 жыл бұрын
That's right. However in the video you had the factors calculated before doing the manual formulas in excel. Hence my question of how they were determined?
@aegdahl5 ай бұрын
Is it possible to track landed costs for multi-currency transactions? We have suppliers all over the world.
@HectorGarciaCPA5 ай бұрын
Not yet
@michaelraike26917 жыл бұрын
Hector, as always, you do superb presentations. My question is, does this work equally well for FIFO inventory under Advanced Inventory as it does for Average Cost? Someone else told me it would be a problem.
@HectorGarciaCPA4 жыл бұрын
Michael Raike woks just fine.
@learningpointacademy84463 жыл бұрын
Hi Hector Is Customs Factor means HS Code? Thanks and Kind Regards,
@HectorGarciaCPA3 жыл бұрын
That me making things up... doesn’t mean anything specific
@AbdirahmanAbdullahi65457 жыл бұрын
Thanks Hector. This presentation is very helpful but I wanna know details from vendor activities .e.g Items, Quatity, price, and amounts. The price should not be included the frieght costs or landed costs.
@HectorGarciaCPA7 жыл бұрын
Abdirahman Abdullahi in that case don't do what I say on the video
@AbdirahmanAbdullahi65457 жыл бұрын
Thanks Hector again for your sincerity.
@MrRowdytown4 жыл бұрын
Thanks for all your tutorials. I noticed you created Freight as a item under "Other Charges", but I was wondering about "FREIGHT COSTS" and "SHIPPING INCOME". Are these also custom? There is a preset freight option, but I couldn't find "SHIPPING INCOME" as an option. Is it ok to use "Postage and Delivery" as the income account when creating this Freight item?
@HectorGarciaCPA4 жыл бұрын
You can use any accounts you have in therre
@MrRowdytown4 жыл бұрын
@@HectorGarciaCPA thanks!!!
@aKYKJIAa6 жыл бұрын
Hector, thank you for your tutorial. I love it. I want to implement, but having troubles since I already have existing inventory. How do I proceed? I would like to remove all the items and introduce the items back using your method. Do you suggest I remove them via inventory adjustment or credit memo? Please kindly assist.
@HectorGarciaCPA6 жыл бұрын
No.. just the Value Adjustment option
@sinajak60106 жыл бұрын
Hi Hector , Many Thanks for your tutorial. Can you please advice this same way i can treat local clearing & Transportation charges, Air Port handling charges whatever costs ? Our Company Imports equipment for selling.....
@HectorGarciaCPA6 жыл бұрын
Sinaj Ak they would all follow the same process
@sinajak60106 жыл бұрын
Many Thanks dear Hector for great support..!!!
@joeweiss5913 жыл бұрын
Hi Hector, thank you for your videos! super informative. Is there a way to pull an inventory report with landed cost? I've found average, but not landed
@HectorGarciaCPA3 жыл бұрын
Not possible... once landed cost is applied; it becomes part of the avg, cost
@1hamm8 жыл бұрын
Great Information, Hector. 2 questions for you: 1. what if that vendor bill had been in a foreign currency yet the freight / customs bills are in USD ? Wondering how that would work, the freight / customs bills are in USD...but since the landed cost items are allocated in the Vendor Bill (foreign currency, in my case Euros) ... wondering how that all might work.. I'm assuming I'd allocate to convert the USD landed cost items into Euros... and that the conversion factor would put them at USD however, when the bill is paid to the vendor and the exchange gain / loss account is affected.. seems like it will be convoluted. Am I missing something? 2. Do you work with Netsuite?
@HectorGarciaCPA8 жыл бұрын
+1hamm yeap.. you have to do the USD translation. No I dont work with NetSuite... :(
@waqasgraphics72963 жыл бұрын
how to charge delivery charges from customer with invoice can please tell me about it
@HectorGarciaCPA3 жыл бұрын
Create a separate line for delivery charges
@waqasgraphics72963 жыл бұрын
Sir you mean create an account for other charge in the item list and then charge through it@@HectorGarciaCPA
@paschalispolyzos70008 жыл бұрын
Thank you nice
@tarafoster20734 жыл бұрын
Wondering how to add labor associated with the cost of adding something to inventory?
@HectorGarciaCPA4 жыл бұрын
That could be done as well using Landed Cost.
@HectorGarciaCPA4 жыл бұрын
That could be done as well using Landed Cost.
@shaharyarsheikh32955 жыл бұрын
Dear Hector Thanks for the video. Can I go back and change old bills according to your method ? Will it change the inventory valuation in the past ? I have been using QB for the past two years. Or do I have to start afresh?
@HectorGarciaCPA5 жыл бұрын
You can but it will change your financial statements... yes
@shaharyarsheikh32955 жыл бұрын
@@HectorGarciaCPA i want it to change the financial statements. So that it will give me more accurate profit and less statement. Thanks you the answer
@HectorGarciaCPA5 жыл бұрын
Shaharyar Sheikh you welcome, good luck
@maxcrombach16 жыл бұрын
Thanks for your great videos Hector, could this also work if you enter bills in a foreign currency? What would you think is best?
@HectorGarciaCPA6 жыл бұрын
Max Crombach it should be the same
@maxcrombach16 жыл бұрын
But what if the freight costs are made in EUR while the import is in USD?
@HectorGarciaCPA6 жыл бұрын
Max Crombach use the converted rate
@akisistemas83153 жыл бұрын
me encanto !
@johnnyle5 жыл бұрын
What about creating an Inventory Asset sub-item named Freight In and expense that?
@HectorGarciaCPA5 жыл бұрын
Johnny Le on.. because it never transfers to COGS
@HectorGarciaCPA5 жыл бұрын
I don’t like this idea
@FernandoRodrigues-su6lm4 жыл бұрын
Hi, Hector. Is there any way to add the cost (USD 1.67) automatically on the prices of Bill? I ask this because every Bill I have has more than 3.000 items and update the price of every item one by one will require a lot of time. Thank you so much !
@HectorGarciaCPA4 жыл бұрын
Fernando Rodrigues no
@smm997 Жыл бұрын
You can by adj quantity and value inventory and add the new total of inventory assets means if inventory assets 10 and cost of freight 5 add the new value 15 in this case you not need to edit every bill go from inventory adj by quantity and value
@masoodahmed2098 Жыл бұрын
Sir !
@muhammadasif-mc2xy6 жыл бұрын
Hi if I wanna all the inventory item to the balance sheet it is okay..? Than all da inventory go to WIP nd balance will be in stock ..?
@HectorGarciaCPA6 жыл бұрын
Allocating freight sends the value to the balance sheet, that is correct... no WIP, just to the inventory items
@patriciaherrera46804 жыл бұрын
Hector, hiw to tie COGS to QB desk top another inventory software. How can I adjust my landed cost?
@HectorGarciaCPA4 жыл бұрын
Patricia Herrera that’s a loaded question... I can answer simpler questions
@patriciaherrera46804 жыл бұрын
@@HectorGarciaCPA sorry, is there another way to adjust my landed cost? Since I do not use QB inventory. Meaning when I enter my cogs from the software already includes the landed cost, so I have to remove it from my expense otherwise will be overstated. How do I do that?
@HectorGarciaCPA4 жыл бұрын
Patricia Herrera journal entry into Inventory Asset and COGS
@mysweetartie4 жыл бұрын
How did you arrive at .93 and 1.4 customs factors?
@HectorGarciaCPA4 жыл бұрын
Spreadsheet calculations
@yolocru91447 жыл бұрын
why not make an inventory value adjustment?
@HectorGarciaCPA7 жыл бұрын
+Nestor Diaz that can be done as well...
@shaharyarsheikh32955 жыл бұрын
Dear Hector I need your help. My problem is that for one of my customers, I deliver my goods to one of his stores and then he spreads those goods to his other stores himself but charges me extra for that service. This charge is based on the volumetric weight(length, height, weight) of the goods that I deliver to him. Can I add extra fields with my items and calculate this cost in QuickBooks? Or do I have to do that manually?
@HectorGarciaCPA5 жыл бұрын
You could add a separate line for that.. or use the same technique
@HectorGarciaCPA5 жыл бұрын
And no, Quickbooks won’t let you add volumetric fields to calculate anything
@Rugit06 жыл бұрын
How do i use custom fields on quickbooks online?
@HectorGarciaCPA6 жыл бұрын
russell choudhury there are no item-level Custom fields on QBO
@Rugit06 жыл бұрын
@@HectorGarciaCPA Ty for the fast response. So is there no way to do the second method on qbo? Maybe using a app
@Karma07776 жыл бұрын
Too much energy. Erp system should calculate and breakdown the results just by linking Bills
@HectorGarciaCPA6 жыл бұрын
arazim777 you are right.. maybe in QuickBooks 2019? 2020? The problem is most ERP systems cost 4x what quickbooks cost, so is not a fair comparison.