When raising purchase orders with foreign suppliers and importing stock, there are often many additional costs that need to be taken into consideration. When calculating true landed costs, businesses will need to take into account current exchange rates, transport costs, import duty and potentially many other factors when working out the exact cost of bringing in the stock. With these true landed costs used for stock valuation and to ensure sales prices are set accordingly with correct profitability figures held, it is important for these costs to be recorded as accurately as possible.
With many factors to consider and these costs often fluctuating, businesses will want to ensure additional costs are always accurately calculated with these subsequent calculations efficiently applied to the relevant purchase orders and distributed across purchase order lines correctly. Within OrderWise businesses already have the ability to record invoices for these additional costs in multiple currencies and exchange rates and determine how these will be spread over the purchase order lines, some businesses however may have unique or complex calculations, non uniform distribution or previously used methods that they wish to continue using. Often these companies will have existing calculations in place within excel spreadsheets to handle these requirements before manually adding them into OrderWise.
To help enable users to conduct this process much more efficiently, useful new functionality has now been added to OrderWise in version 9.12 to enable purchase order line additional costs to be imported into OrderWise from Excel. With this new feature, businesses are able to import additional costs from Excel into the purchase order line additional cost field, allowing whatever calculations a company requires for landed costs to be quickly added into OrderWise.
With this new system utility, users can benefit from the flexibility to choose to calculate landed costs within OrderWise or import existing calculations from Excel and use these instead. With this freedom, businesses can ensure both accuracy and efficiency when gathering actual costs, passing this through to resulting transactions.
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To discuss your requirements in more detail contact us today on 01522 704083.