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International Import Creditor Invoicing - Freight Options, GST on Freight and Creditor& General Ledger Processing

The purpose of this document is to help you setup your Creditors and create the Creditor Invoice with the Import Costing details. 

This is a 4 Step process that you can follow as applicable;

 

1. Creditor Setup

Generally on an International Invoice you will have been invoiced by 2 Creditors – The International Supplier who you purchased the stock from AND the Importer you pay the freight and GST charges too. The suppliers should be setup in the Creditor Master File as follows;

a.png

b.png

 

 

2. Stock Setup

Enter the Duty Percentage to be applied to each Part. For example if I have 100 parts coming in, and want to divide the duty evenly, I would enter 1%. If I get charged extra duty for differing items, I would enter the percentage I want to apply to this particular part. 
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3. International Stock Creditor Invoice

a) Select the Stock Supplier and Say Yes to GST Prompt.
gst_prompt.png
Then enter the Stock Creditor Invoice details along the top, Enter the Invoice total as the Foreign Amount Stated on the actual Invoice
b) Options to Set the Current Conversion Rate
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c) Go back up to the Invoice Amount and Tab through for the system to change the amount for you at the conversion rate entered
d) Add all the Stock Received - when you enter the Amount for each line, you enter the amount as stated on the actual invoice. As per a normal invoice, once you have correctly added all lines at the right amount, your total will match to your Invoice total and you will be able to Process (Don't process yet though)
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4. Import Supplier Invoice

d) Import Costing - Enter the Freight Supplier Invoice details in here. 
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e) Process 

 

 

 

Where does it all process to?

The International Invoice - The total of details entered in in Step 3 are in the Creditor Master File awaiting Creditor Payment

The Import Supplier Invoice - The total of details entered in in Step 4 are in the Creditor Master File awaiting Creditor Payment AND the additional costs are added to the Part items (as the Landing cost reflects the total line plus all additional freight charges therefore being the actual total cost of the part)

The GST - The total of GST charges details entered in in Step 4 are in the General Ledger Account ‘GST Paid’ awaiting GL Processing. 

You will also be able to see all the Import and Costing info in the Stock Master File for a selected product- go to the Query Tab - run the query '2 Import History and Costing'

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For more in depth info, run the Report > General Ledger - Transaction Individual to find out other GLS used http://service.autosoft.com.au/entries/21842830-How-to-Track-Transactions-and-the-General-Ledgers-They-Used
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