We purchase Item "A" up to 100 qty @ 90 USD each ($ 90 * 100 qty = $ 9,000), but it has some related cost like Custom duty, Shipping Freight, Transport, Labour, CNF Expenses (All these direct expenses).
Now in our existing system, when we create purchase voucher, we add those direct expenses in our voucher and the cost will be get updated automatically like here all direct expense is $ 1000., so when we will see the stock the unit cost will show $100 per unit.
How to do this scenario in OnCloudERP?
Step1: Created a new Item called "A" (at demo.onclouderp.com > Home > Store > Setup > Items ) and assigned costing method as average (from LIFO, FIFO, Average and Standard). as below.
Step 2: Created the following masters as
- Custom Duty
- Shipping Fright Charges
- Labour Charges
- Transport Charges
at (at demo.onclouderp.com > Home > Account > Setup > Tax Charge ) as shown below
Step 3 : Created Purchase Invoice to Vendor as below ( demo.onclouderp.com > Home > Buy > Transaction > Purchase )
and posted to ledger accounts as below
Step 4: Now creating Stock Inward entry as below