FrontAccounting forum — Agent fees & Import Duty

Re: Agent fees & Import Duty

null@example.com (ysedky) — Wed, 23 Jul 2014 12:52:35 +0000

Hi,
I wonder how Damiantaylor has solved this.

I have the same situation and want to keep track of the "clearing agent" transactions from the "Purchasing" screen reports. Was this solved by defining two suppliers (one for the goods, the other for the clearing services) ? This way we can easily track the balance with the clearing agents (as he is defined as a supplier) but we'll not have a link between the Goods PO and the "clearing charges" of such PO.

Please advise.

Re: Agent fees & Import Duty

null@example.com (damiantaylor) — Wed, 07 Sep 2011 10:46:00 +0000

Thanks for the help RodW!

Quick entry seems like a good idea! My situation is slightly different though in that the costs are split across 2 suppliers rather than 1 so I can't use a quick entry.
I'm still going to set one up though for the future

I think the only way to do this is to just do it with journal entries.

Am I right in thinking FA doesn't have a separate purchase ledger entry screen or a sales ledger entry screen, it is all done by the journal entry screen?

Re: Agent fees & Import Duty

null@example.com (rodw) — Tue, 06 Sep 2011 08:32:14 +0000

Down in Australia here, I import via UPS from the UK and they charge me for the customs clearance. The charges include assessed GST (eg VAT), a Customs fee and a handling fee (eg like your delivery charge). I have set up a quick entry for this transaction and just post it direct to the bank.

Works for me and your situation is similar. I might add, I don't get the goods unless I pay this fee, so there is no need for another PO to UPS.

Agent fees & Import Duty

null@example.com (damiantaylor) — Sat, 03 Sep 2011 17:52:47 +0000

We buy goods from two suppliers in the US but because of shipping charges we don't have the goods shipped directly to us, we use an agent instead.
The suppliers ship the goods to the agent in the US, and the agent ships both sets of goods to us in the UK.
When the goods reach the UK we have to pay import duty and VAT as well as the delivery charge to the agent.

I have been told by my accountant I should deal with the 2 purchase orders as normal, then use the purchase ledger to deal with the agent's delivery charge, Import duty & VAT.

I initially thought this would mean I just raise a purchase order as if I am purchasing a service rather than an item from the agent but now I've come to actually do it I'm stuck!

What is the correct way to account for the agent fees/import duty & VAT using FA?