When creating a Purchase Order, the QMC application introduces additional functionality on the TradeQloud tab.
Calculation of Landed Cost Budgets
As transaction lines are entered, any applicable Landed Cost Budgets will be displayed on the Landed Cost Budget field group.
This allows for users to see which landed costs are applicable, before the transaction is saved. Changes can be made as follows:
Landed Costs can be excluded by checking the Apply check-box
Rates / Percentages can be modified
Landed Cost Impact
Another field group displays the impact that the Landed Costs have on the rate, as well as the total cost
Item, Quantity, Rate, Amount are all sourced from the transaction
LC Impact is calculated as the Total Landed Cost / Quantity
Landed Rate is calculated as the Rate + LC Impact
Total Cost is calculated as the Amount + Landed Cost
When the transaction is saved, the application will create the TQ Transaction Landed Cost records (if applicable). This record represents the application of the cost from the budget record. TQ Transaction Landed Costs can also be added manually to transactions, or existing records can be modified
The application will also create a TQ Transaction Landed Cost Allocation record as a child to the TQ Transaction Landed Cost record. The record documents the allocation of each Transaction Landed Cost to individual line items within a transaction. It provides granular details on how landed costs are apportioned across items, ensuring precise cost tracking and financial accuracy in inventory valuation.
The Landed Cost Allocation records cannot be modified by users
When an Item Receipt is created from a Purchase Order, the application will automatically apply the Landed Cost to the Item Receipt at line-level. It uses information from the TQ Transaction Landed Cost Allocation record to determine the amount for each applicable Landed Cost category.
This information is also summarized on the TradeQloud tab.
If you continue to experience issues after following this guide, we recommend reaching out for further assistance.
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