Reconciling landed costs

Landed costs should be reconciled regularly to ensure all the accounting balances. The aim of the reconciliation is to ensure the actual landed cost reported in Brightpearl is equal to the invoiced landed cost. The actual landed cost accounted for in Brightpearl can be seen on the landed cost report. Clicking on this figure will drill down to the general ledger to view all of the related accounting journals:

Actual landed cost report

Note: To ensure your actual landed cost figures display correctly you must use unique landed cost references.

Any discrepancies between the actual and invoiced landed cost will need to be entered as a correction journal via Accounting > Enter journal. Entering the correction journal using the landed cost reference into the invoice reference field will update the actual landed cost figure on the report.

Once you are happy that the accounting balances the landed cost can be marked as reconciled.

When to reconcile landed costs

A landed cost is ready to reconcile once all of the accounting has taken place, which is once the following have occurred:

  • All the inventory on the purchase order has been received into stock and therefore no more landed costs will be accounted for
  • The purchase invoices have been received for all the items and therefore no price corrections will be made to the purchased items
  • The landed cost invoice has been received and entered as a supplier bill

The landed cost report indicates when a landed cost is ready to be reconciled:

Landed cost report ready to rec

How to reconcile landed costs

Reconciliation of landed costs should be done once you have received the invoice for the landed costs.

  1. Go to Purchases > Landed cost report.
  2. Ensure that all the inventory has been received and the purchases invoices have been received. This indicates that all the accounting has been created and no further changes will occur.
  3. Click on the Actual Landed Cost figure reported for the landed cost to view all the accounting entries.
  4. Check to see if the debits and credits balance. If they do not balance you may wish to investigate the reasons for the discrepancies before making any adjustments.
  5. Once you have identified the reason for any discrepancies, corrections should be made by entering manual journals - ensuring that the landed cost reference is entered as the Invoice Ref on the journal.
  6. Once you are happy that the accounting balances, return to the landed costs report and mark the landed cost as reconciled.
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