Import shipments, bill of entry and landed cost
Follow each import from booking to the godown: its purchase orders, containers, BL, dates and bill of entry. Customs duty, freight, insurance and clearing charges are estimated first, entered as actual later, and spread into the cost of the goods received.
PLANSScale only
The problem it solves
- Duty and freight are paid weeks after the goods arrive, and they never reach the item's cost.
- Your margin on imported goods is worked out on the supplier's price alone, so it looks better than it is.
- Container numbers, BL and arrival dates sit in emails between you, the shipping line and the CHA.
- Nobody compares what the clearing was expected to cost with what it really cost.
How it works
- Your purchase officer opens Trade > Purchase > Imports > Import Shipments > New. They enter the supplier, the currency, the Incoterm and the ports of loading and discharge. Then ETD and ETA, and the purchase orders the shipment carries.
- On the Containers tab they add the BL or AWB number and date, and each container with its size and seal.
- As the goods move, they click the status: Booked, Sailed, Arrived, Cleared. The list opens on the shipments still on the way.
- When customs clears it, they enter the bill of entry number, date and assessable value. Each charge gets its estimated and actual amount and who it was paid to.
- Your storekeeper receives the goods against the purchase orders as usual. Then Make Landed Cost spreads the actual charges marked Into Item Cost over the received goods by their value, and the shipment becomes Received.
Everything it does
The shipment
- Numbered IMP/year/, one per import, in one Entity
- Supplier, currency, Incoterm, port of loading, port of discharge, ETD and ETA
- Purchase orders of that supplier; a Receipts button opens their goods receipts
- Containers: number, size (20 ft, 40 ft, 40 ft HC, LCL / Loose) and seal; BL / AWB number and date
- Status: Booked, Sailed, Arrived, Cleared, Received; every change is kept in the shipment's history
- Filters On the Way and Received; group by status or supplier
Bill of entry and charges
- Bill of entry number, date and assessable value in your Entity's currency
- Charge kinds: Customs Duty (BCD), Social Welfare Surcharge, IGST on Import, Freight, Insurance, Clearing / CHA, Other
- Each charge: a description, Paid To (customs, shipping line, CHA), Estimated, Actual and Into Item Cost
- Into Item Cost is on for every new line, IGST included: switch it off for IGST you claim as input tax
- Estimated Charges, Actual Charges and Actual less Estimated, in red when you paid more than expected
Landed cost
- Make Landed Cost shows once the shipment is Cleared
- It needs goods receipts already done and at least one actual charge marked Into Item Cost
- Charges are spread over the received goods by their current cost, so dearer items carry more
- Made once per shipment, validated at once, and linked on the shipment
- Your item categories must value stock automatically (average or FIFO) for the cost to change
What it does not do
- It does not make supplier bills for the charges: enter the CHA's, the shipping line's and the customs payments as bills or payments as usual
- Charges are in your Entity's currency; the shipment's own currency is for the purchase orders
- No link to the ICEGATE portal: the bill of entry is typed from the paper or PDF
Who uses it
Purchase OfficerMakes the shipment, moves its status, enters the bill of entry and the charges, and makes the landed cost.
StorekeeperReceives the goods against the purchase orders, counting what arrived and what is damaged.
Owner or Trade ManagerReads what is on the way and how actual charges compare with the estimate.
AccountsBooks the duty, freight and CHA bills and checks the stock value after the landed cost.
Where you use it
- Web: Trade > Purchase > Imports > Import Shipments
- Web: the goods receipts of the purchase orders, from the shipment's Receipts button
- Not in the SmartMy Trade app: shipments are on the web only
What you control
Settings
- Import / Export in Trade > Configuration > General > Settings: off to start with. It marks the Entity as one that buys from or sells to other countries
- Into Item Cost per charge: on to start with
- Each item category's costing: average or FIFO with automatic valuation, for landed cost to reach the stock
Approvals
- Trade hold: a purchase order above the Purchase Order Limit waits for a Trade Manager or your chain's levels. The limit starts at 0, which means never
Notifications
- No messages of its own: the shipment keeps its history, and followers see each change in their inbox
Questions
Does IGST paid on import go into the item's cost?
Only if you leave Into Item Cost on for that line. Every new charge line starts with it on, so switch it off for IGST you claim as input tax credit.Can one shipment carry several purchase orders?
Yes, as long as they are from the same supplier. The landed cost is spread over all their received goods.What if the actual duty differs from the estimate?
Enter both. The shipment shows the totals and the difference, in red when you paid more. Only the actual amounts go into the cost.Can I make the landed cost before the goods are received?
No. It goes on goods receipts that are done. Receive the goods first, then press Make Landed Cost.Related features
IMPORT, EXPORT AND GROUPSLetters of creditKeep every letter of credit you open for an import or receive for an export. Keep the bank, amount, tolerance, expiry and last shipment dates, the documents checklist and each amendment. You get a to-do 15 days before the dates, and a revised purchase order flags the LC for amendment.ORDERS, PURCHASE AND CREDITPurchase orders, goods receipts and supplier billsOrder from a supplier, count what arrives against the order with the supplier's bill number and any damage, and book the supplier's bill. A purchase order over your limit waits for a manager's approval first.IMPORT, EXPORT AND GROUPSExport invoices under LUT or IGST, with incentives and packing listsAn invoice to a buyer abroad is marked as an export by itself, under your LUT or with IGST paid. It carries the port, the shipping bill and later the e-BRC, and keeps RoDTEP and drawback in view until they are received. Deliveries print a packing list with packages and weights.IMPORT, EXPORT AND GROUPSQuality control of goods received and sentCheck goods as they come in from a supplier and before they go out to a buyer. Each check has a sheet and a sample size worked out from the lot. A failed check holds the transfer and the lot, raises a non-conformance whose decision is approved, and can lead to a corrective action. SPC charts, gauge calibration and certificates of analysis are included.BILLING AND STOCKStock on hand, goods in and out, and stock countsStock moves by itself when you bill, return, receive or dispatch, so the stock on hand is the real figure. Storekeepers receive and dispatch goods by scanning on the phone, and a count started on the floor is applied by a manager.ACCOUNTINGFull accounting with GST returnsEvery bill, return, receipt, supplier bill and cheque posts into your books as you work, with the shop on each bill. Growth adds accounting reports by shop. Scale adds the full accounting screens and Financial Reports, from ledgers to cash flow and consolidation, with GSTR-1 and GSTR-3B for India.
See your shop on it.
Tell us what you sell, how many shops and godowns you run and how you bill today. We will set up your items and parties with you and print your first bill.