2/29/2024 0 Comments Shipping invoice definitionMaybe this is something that could help with. the paperwork required to state the value of the shipment to Customs. Sounds like what you are missing is a ‘COMMERCIAL INVOICE’, i.e. Separately, adjust your spreadsheet to show which consignees still have items from you. Make appropriate entries in Manager for duties, taxes, commissions, etc. When an actual sale is made, issue the sales invoice for the correct amount. My recommendation is to keep track of which consignee has what separately. The time when transactions should be entered is when money is actually paid to someone or received from someone. At any rate, this is neither an accounting nor a Manager issue. Certainly, everything is tracked, and if you don’t re-export the item within a defined period, they will expect the duties to be paid. You should check with an attorney or customs experts on this. The underlying theory is that if they allow you to import without duty, you are more likely to make the sale and they can then collect the duties and/or taxes involved. I am not an expert on customs and duties, but in my limited experience, most countries have provisions for import of sales samples and marketing materials, such as for trade shows. But you still own the item, so neither inventory nor revenue nor payable taxes have changed. Instead of placing an item in your shop window, hoping someone will walk by and see it and buy it, you place it with your consignee, hoping you can sell it through that channel. In that thread, I made the point that consignments are not financial transactions. There was some discussion about consignments a week or so ago on this Forum. Manager will then double-count the revenue and you’ll owe taxes on both. Whatever you do, do not create two invoices.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |