What’s new in QuickBooks 2020
NEW: Landed Cost (QuickBooks Enterprise 2020)
This feature allows you to have greater visibility into actual product costs by factoring in freight, duties, insurance and other miscellaneous costs incurred during the purchase cycle. The actual cost of goods/inventory items can include many other charges in addition to the purchase price. With the landed cost feature, you can allocate these additional expenditures and costs to your item bills and keep a track of all expenses.
Accessible: To setup Landed Costs: From the file menu, select Edit > Preferences > Items & Inventory > Company Preferences > Advanced Inventory Settings > Landed Cost tab.
Features: The cost of obtaining inventory stock includes more than just the material costs of the items. With the new Landed Cost feature, QuickBooks Enterprise users will have greater visibility into actual product costs by factoring in freight, duties, insurance, and other miscellaneous costs. Calculated by quantity, value, weight, or volume.
Landed Cost work-flow summary:
- Enterprise user will need to setup Landed Costs in Advanced Inventory preferences. This process creates an Other Current Asset account. The Enterprise user then selects any Other Charge item types currently used to record freight, duties or import fees and the setup automatically changes the currently assigned expense account in the item record defaults to this newly created Other Current Asset account.