Forum Discussion

frenchery's avatar
frenchery
Contributing User
11 days ago

Methods to record import costs (incl. GST) on overseas purchases

Good evening,

 

I am referring to the article regarding the recording of import costs

https://www.myob.com/au/support/myob-business/purchases/recording-overseas-purchases-and-import-costs

The article suggests to create a bill with the supplier being the customs agent and treat the import costs as either a stock item or as part of the inventory value.

 

Would there be other ways to record the import costs by allocating a transaction directly to severalchart of accounts (for the various import costs categories: freight costs, custom duties,..) ?

How would you then treat the GST on the custom value of the goods ?

  • + custom value of the goods with 'GST' and
  • - custom value of the goods with 'N-T'
  • all assigned to the chart of account 'Opening stock/inventory'.

Thank you in advance

overseas purchases
  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    10 days ago

    Hi frenchery,

     

    I'm sure some users may share other ways to record this differently, but MYOB only recommends the process in the article you mentioned. As for tax codes, there are default tax codes that are already in the software you can use. I recommend seeking help from a financial advisor if you are unsure of what to use. 

     

    Let us know if you need any other help.

     

    Thanks,
    Genreve

  • frenchery's avatar
    frenchery
    Contributing User
    10 days ago

    Thanks Genreve.

     

    Adding those import costs as "stock items" would not be my preference as it would mix with 'real' stock items.

    I would rather use another method if possible. 

    • Princess_R's avatar
      Princess_R
      MYOB Moderator
      9 days ago

      Hi frenchery,

       

      I know someone who’s a whiz with our software, Mike_James, he might have some great alternative methods to share here.

       

      Cheers,

      Princess

      • frenchery's avatar
        frenchery
        Contributing User
        11 hours ago

        Hi Mike_James
        I would love to hear your thoguhts on that matter.


        Essentially I am looking at alternative ways to record import costs other than creating stock iems for each import costs category which in my opinion is a workable solution but not ideal. I would rather keep my product items for actual products.

        I suggested above the idea of using different chart of accounts. Would it be a good idea ? what would be your recommendations on the steps to follow ?

         

        Thanks in advance.

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