Inventory Accounting: Landed Costs - Odoo 17 (Part 10 of 11)

Inventory Accounting: Landed Costs - Odoo 17 (Part 10 of 11)
The Complete Odoo Accounting Course Odoo 17 will teach you everything you need to know about the Odoo accounting application. Odoo is an Enterprise Resource Planning (ERP) software with dozens of interconnected applications. Applications such as inventory, manufacturing, website, expenses, and sales have a direct impact on your accounting books.
There are three primary goals of this course.
Teach you all of the basic accounting functions you need to perform on daily basis to run your business.
We will cover every basic accounting function including Inventory Accounting, Accounts Payable, Accounts Receivable, Reconciliation, Sales Tax, Expense Accounting, Revenue Accounting, and Asset Management. You will be exposed to all of the main accounting reports such as the Balance Sheet, Profit and Loss Statement, and Cash Flow statements. At the end of the course, you will be comfortable making manual journal entries, navigating the General Ledger, and troubleshooting any accounting errors.
Teach you how every application interacts with the accounting application.
If you have used any ERP software you know that every business decision and record you create in the system may affect your accounting books. You must understand the impact of each of your decisions. In this course, we will cover exactly how each application interacts with accounting. This includes manual and automated inventory valuation, expense management, re-invoicing expenses, collecting customer payments, dealing with multiple currencies and exchange rates, applying landed costs, and dealing with cash.
Teach you how to transition from a legacy system to Odoo Accounting.
Once you are comfortable with the software we will go over exactly how to transition your accounting books to Odoo. This process involves importing your trial balance, using clearing accounts, importing your open bills and invoices, and making sure you have all of your location-specific accounts set up such as your scrap, inventory adjustment, and Work in Progress (WIP).
This course is designed for Implementation Consultants or Business Systems analysts, Bookkeepers, Accountants, and anyone evaluating Odoo as an ERP solution. It will be incredibly helpful for anyone who wants to understand the accounting impact on every decision they make throughout the Odoo ecosystem.
During the creation of each video, I attempt to think of all the most common edge cases and bring them to your attention. I take pride in each video being as comprehensive and complete as possible. Every business has slightly different accounting needs. Nonetheless, in this course, you will touch on every accounting function in Odoo. Even if we do not directly cover an exact use case you will have the knowledge to build out your own complete solution.
The only prerequisites for this course are basic accounting knowledge and basic Odoo knowledge. This course will not teach you the fundamentals of accounting.

[@javedshakir5156]

Superb 100/100

[@WaqasGCC]

Kevin one question though, how do we reflect the additional valuation to the respective GL Accounts of each landed cost applied? bigger companies have detailed COA's and under cost of revenue section they define shipping / custom duties accounts etc. Your illustration nets out the expenses :/

[@KZAKI]

Sounds like a good opportunity to simplify the CoAs. In my opinion, separating out CoGS by what came from shipping doesn't give you any value at the financial statement level. You can always go see how much you spent on shipping in a given month elsewhere in your GL or in your landed costs or product analysis.
Imagine looking at your P&L and it shows $500,000 in Shipping CoGS. It means nothing without additional context. If you really want you can sum your debits to the Shipping Expense account originally debited for a specific period and credit General COGS and debit the Shipping COGS for that amount so you can have a pretty accurate idea.
Lastly, the only time I saw this done is when a company is using standard cost or manual inventory valuation (therefore not using landed costs) and debiting the shipping bill directly to a COGS account for simplicity.

[@IsraelGross]

So how does translate into commission
And how can I creat a list or dashboard that a sales person can see why his commission
Is less because of added cost?

[@klev96]

The expense account inserted in the bill and in the landed cost seem to be both debited and credited respectively by the same value. Is the expense reflected on that account or is it only reflected in the COGS account?

[@WaqasGCC]

same question, kevin's illustration nets out the defined accoutns. However bigger companies keep track of their COGS.

[@BryanRodriguez-gj4rl]

I have a question Hope you can help me, I am trying to add landing cost to a product, not service, is it posibble? the check box of landing cost doesnt not show up with product

[@KZAKI]

You add landed costs with a service product. A landed cost is typically shipping or other fees and those are services rendered.

[@BryanRodriguez-gj4rl]

@@KZAKI I understand, I've Just watched your video again, and I got it now, ty very much for your content. And for your quickly response. Have a nive week!