Software: Opera 3 Landed Costs
Are you failing to establish the true value of your stock, or do you feel you could be achieving higher sales margins than you are?
Landed costs are the additional costs incurred in getting goods you purchase from your supplier to your premises. Knowledge of your landed costs is critical to understanding the true value of your stock and setting selling prices to determine your profit margin. Landed Costs in Opera 3 helps you do just that.
In the Opera 3 Landed Costs application, you don’t have to enter a default Value or Percentage when you create a Landed Cost Type; these fields can be left empty. The values can therefore be entered for these Landed Cost Types when stock is received.
If you create a Landed Cost Type you don’t have to enter a default Value or Percentage; these fields can be left empty. The values can therefore be entered for these Landed Cost Types when stock is received.
When creating a Landed Cost Type it is also possible to assign a Nominal Account Code. The Nominal Ledger will be updated with these landed costs when transactions are posted against stock items which have landed costs assigned to them.
- Landed costs provide a far more accurate way to value your stock.
- Landed costs posts to the Nominal Ledger ensure more accurate Profit & Loss and Balance Sheet reporting.
- Landed costs are also included in various stock-related processes such as the Stock Valuation Report, for an accurate picture of the value of your stock and your profit margin.
- Maximise profits: set an accurate selling price for goods with the full understanding of the charges associated with bringing an item into your business.
Within Opera 3 Stock Control, if an item is subject to landed costs then it is possible to assign up to four Landed Cost Types to that stock record. The sum of these Landed Cost Types will be the additional costs incurred when buying this item from a supplier.
For stock records, the Average or Standard Landed Cost prices are displayed together with the Last Landed Cost Price. This information is also displayed on each warehouse, if warehouse pricing is in use. The Last Landed Cost Price is maintained by the system and updated when stock receipts are posted.
When a Purchase Receipt is entered the system displays the estimated landed costs. Both the unit cost and the estimated landed cost are used to calculate the total cost of that receipt. The value of the landed cost can be altered by overriding the values on each of the Landed Cost Types assigned to that stock record.
A new Landed Costs report is available that displays the landed costs recorded when stock receipts were posted into the system. A Landed Costs Settings report displays information about stock items that have Landed Cost Types assigned to them.
The Stock Valuation report, Issues report and Record Sheet report now all display landed costs information, as do the Stock Views and Monitor Companies.
Landed Costs are the additional costs incurred in getting goods purchased from a supplier to a business premises. Opera 3 caters for landed costs across the supply chain management applications to improve the costing and accountability when purchasing stock, particularly from overseas suppliers.