I just bought inventory from another country, (suppose X) and got the shipment stored in the Warehouse. Now to add the additional charges such as Taxes and Customs in my country (suppose Y), these are to be paid in my home currency along with the transportation cost to the 3rd Party liable for transporting the goods to my warehouse and paying customs (i.e. in the currency of Country Y) but the system by default is using Country X currency for Taxes and Customs. Does that mean i always have to do the exchange calculation and calculate the cost in my Countries currency?
Furthermore, the added charges, how can i make their respective double entries? i mean they are only having a credit entry where is the debit entry going? Does this mean ill have to manually create debit entries?
You will need to convert the value in the Purchase transaction’s currency and enter it. You can use the Awesome Bar to do quick calculations by typing =50*65.65
For eg: i got goods for $10, i used a custom clearing agency to pay my custom, which lets say, was $5 and $5 to the transportation company. Now the cost will be $20, as i used Tax and charges option in the Purchase Receipt to add those charges. from this $10 will be recorded in Expenses Included In Valuation Account. Now how can i distribute this Expenses Included In Valuation to relevant supplier in the system as the customs agents and the transportation are two different companies.
