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8Quanta Estimated Landed Cost

Status: Unverified

Landed costs such as freight and duty on items purchased is significant. A business must fully realize all of product costs to maintain profit margins and capture every cost of doing business associated with the purchase of each product. 8Q Estimated Landed Costs ensures the “estimated costs” are included in the item average cost. Automated tools to reconcile actual vs estimates and auto updating of estimated landed cost templates. Analysis tools to guarantee you meet your margin goals. 8Quanta’s Estimated Landed Costs is the solution.

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Description

Track all your estimated landed costs at the time of item receipt

This feature adds all landed costs that are on the item template to be included in the average cost of the item for that location.

Key Benefits

Enhances the allocation methods in estimated landed cost templates.

Allows you to post accurate landed costs at the same time as when you are receiving inventory.

Enables estimation of your entire cost of inventory for correct margins prior to material being sold.

Supports unlimited native NetSuite Landed Cost templates.

Includes margin calculation options at item level by template and by allocation method to ensure your COGS or average cost are accurate.

Supports an expanded 5 different allocation methods for cost categories, including: Quantity, Weight, Flat Amount, % Amount and Volume.

Offers full auto reconciliation of the estimated to actual landed cost with GL inventory and COGS details.

Provides suggested adjusted cost factors per template per cost category based upon fluctuation in actual landed cost for more updated and accurate margins.

When the suggested cost factors are selected we provide the option to automatically update the templates.

Includes GL setup for landed cost, cost categories and variance tracking at time of installation of SuiteApp.

There are many fields on the item record that shows, costs, average costs, landed costs, margins, price, preferred landed cost template.

There are changes to the quote/estimate forms that allow line-item assignment of templates and the reflected margin and price per assigned template.

For new item on boarding you can figure your retail price by template for setting up price books.

Allow for landed cost variance to be written back to the inventory item record.

Customer Quote

“we have reviewed 8Q ELC solution for more than 1 year. This meets all of our landed cost needs and all our edge cases. And we have more than 10,000 items and templates”

– Mark Zapanta

Supports all 5 allocation methods including Volume

All containers require an allocation method of volume.

Having this feature insures you will support the new Fedex initiative of moving to all volume pricing.

Plus, you will be able to set landed costs for all different types of containers.

FEATURES

Now you can automatically reconcile all landed cost estimates to their actual landed cost vendor bills and auto update your item templates as necessary.

8Quanta offers automatic reconciliation on each landed cost vendor bill upon receipt.

We can do this regardless of if previous accounting periods are closed or not.

We also offer bulk reconciliations for large volume customer.

Also, during that process we offer you the option to update the estimated item templates to reflect the actual vendor bills more close.

8Q ELC solution offers the customer the option of how to deal with variance of the estimate vs actual

This feature allows the variance between the estimated landed cost on the template and the actual landed cost vendor bill to either be closed out to COGS or back to the item via and inventory adjustment worksheet.

This will then add the variance amount that was not included in the average cost calculation to be included in item and location average cost.This will ensure that the margin is even more accurate by including the variance in that calculation of average cost.

We add all the GL accounts to guarantee all accounting is GAAP compliant

We setup all the GL accounts groups to ensure the Inventory Accounts, the Inventory Suspense/clearing accounts and the Inventory Variance accounts are all correct.

We also support cost categories and the setup of the 3 accounts per each cost category.