Additional Costing term¶

Additional Cost refers to the extra expenses incurred beyond the original price mentioned in the Commercial Invoice during an import purchase. It includes customs-related charges such as Import Duty (ID), Excise Duty (ECS), Customs Service Fee (CSF), freight charges, transportation, insurance, clearing charges, bank charges, and other import-related expenses. These additional expenses increase the total cost of the imported items and help determine their final landing price.
Before recording the Additional Costing process in IMS ERP, the Import Purchase entry must first be completed. Once the Import Purchase is recorded, the Additional Costing process is used to allocate and manage all extra import expenses against the imported products to calculate the accurate landing cost. The steps for assigning roles and the adding process are explained below.¶

A.Enable Settings: Enable the required settings from the system user. (Need to be enabled by IMS SOFTWARE if not available)
Assign rights from User Role Settings: Go to Configuration → User and Preferences → User & Role Manager.¶

B.Check the user’s assigned role from the User Profiles List. After identifying the role, open the Role List.Click on the Edit button to set or modify the permissions¶

C.Under the Account Menu (Right Section), tick Additional Costing (with Costing Terms) and enable the required permissions such as View, Edit, Delete, and Print as needed. Click Save to apply the changes.¶

●Log out and log in back into the software to ensure the updated menu is visible.¶

Step to Create Additional Costing term
h3. 1.From the ‘transaction’ menu of the accounting module,under the ‘additional costing’ choose the ‘costing terms’.¶

2.Click on ‘Create Costing Term’ button to create new costing term in the software¶

3.Enter the name of the Costing term for example, ‘CUSTOMS SERVICE FEE’¶

4.In the General Account field, press Enter and choose the required ‘General Ledger Account’ from the pop-up list for mapping purposes (e.g., Import Purchase A/C).¶

If you want to create new Ledger Follow these steps:
‘For Support’
Step to Create IMPORT PURCHASE A/C
●Under the Masters menu, select the Ledger Account Master option.¶

●Click on Add New Button¶

●In the ‘Account Type’ selection, choose the appropriate account type, for example, Direct Expenses.¶

●In the ‘Parent Group’ selection, choose the appropriate parent group if applicable, for example, Purchase.¶

●In the ‘Account Name’ field, enter the name of the ledger, for example, Import Purchase A/C.¶

●Select the appropriate ‘Activity Type’ and ‘Ledger Status’, tick the Has Sub Ledger option if required, and click the ‘Save’ button to create the new ledger account.¶

5.Tick the ‘Costing Method option’ – choose Applied for ‘Bill Wise’, ‘Product Wise’, or ‘Both’ (select Both if needed). The costing term will be applied in the Additional Costing Voucher based on this selection.¶

6.Choose the Additional Costing Basis – either based on Quantity of the product or ‘Value/Price’ of the product, depending on the import purchase nature.¶

7.Select the ‘Additional Costing Action’ – whether it should be ‘Added’ or ‘Subtracted’ from the cost.¶

8.Tick the options:’Include in Stock Valuation’, ‘Is Import Document Costing Terms’ (for loading this costing term in the import purchase invoice transaction).¶

9.Click ‘Save’ to complete the creation of the costing term.¶

10.To ‘view’ the ‘additional costing details’, select the required entry from the existing list and click the ‘View’ button.¶

11.Open the required entry to view the ‘Additional Costing Terms’.After reviewing the details, click the ‘Back’ button to return to the previous dashboard.¶

12.To modify the Additional Costing Terms, click the ‘Edit’ button.¶

13.Edit the required Additional Costing Terms details, then click the ‘Save’ button to update and store the changes successfully.¶