ANS-1825 · INVENTORY & ITEM MANAGEMENT
How to Track and Manage Landed Costs for Items in NetSuite
NetSuite manages landed costs by requiring item record configuration for tracking and allowing entry on item receipts, with advanced features for automated estimation.
Short answer
Landed costs in NetSuite are tracked by enabling 'Track Landed Cost' on the item record and are entered on the Item Receipt. While manual entry is possible, NetSuite's Estimated Landed Cost feature, utilizing Landed Cost Templates, allows for presetting and automatic calculation of these costs, streamlining the process.
Scenario
Users often inquire about where to record import duties or other landed costs for inventory items in NetSuite. There is a common misconception that these costs are directly managed on the item record itself, or that they must be manually entered for every single transaction without any automation.
Solution
Landed costs in NetSuite are managed through a combination of item record configuration and transaction-level entry, with advanced features for automation.
To enable landed cost tracking, the 'Track Landed Cost' option must be enabled on the individual item record.
The actual landed cost amounts, such as import duties, are entered on the Item Receipt or Vendor Bill.
For enhanced efficiency and automation, NetSuite's Estimated Landed Cost feature can be utilized. This feature, in conjunction with Landed Cost Templates and item defaults, allows for the presetting and automatic calculation of landed costs, thereby reducing the necessity for manual entry on every single item receipt.
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