When importing goods, certain additional expenses are incurred, e.g. for customs, freight and insurance as well as taxes. In order to treat the costs of foreign imports appropriately, the cost of goods is calculated.
These Costs are then allocated to the items of the consignment according to a selected key.
When a company operates with perpetual inventory, an automatic journal entry is created when the landed costs document is generated in the accounting system. The journal entry causes an update of the moving average price and the FIFO-price of the imported positions.
If the holding does not use the perpetual inventory method, no journal entry is created in accounting after creating the landed costs document.
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