How to Get a Report of Landed Costs in NetSuite

Are you struggling to accurately track landed costs for your business in NetSuite? Look no further! With NetSuite’s powerful reporting capabilities, you can easily generate a detailed report of landed costs for all your inventory items. This guide will walk you through the steps to streamline your landed cost tracking, saving you time and effort.

What Are Landed Costs in NetSuite?

Landed costs in NetSuite are the total expenses incurred when importing goods, which go beyond just the purchase price and also include additional costs such as customs duties, freight charges, and insurance. Accurately tracking and allocating these costs allows businesses to have a complete understanding of the true cost of their inventory, enabling them to make informed decisions about pricing and profitability.

NetSuite offers features to calculate, allocate, and report on landed costs, giving businesses better visibility and control over their supply chain expenses.

Why Is It Important to Get a Report of Landed Costs?

Obtaining a report of landed costs is essential for businesses to effectively evaluate their expenditures and make well-informed decisions. This report provides a comprehensive breakdown of all expenses associated with importing goods, including customs duties, freight charges, and handling fees. Understanding the total landed cost allows businesses to gain insight into the true cost of their products and accurately calculate profit margins. It also enables them to identify potential cost-saving opportunities, negotiate more favorable terms with suppliers, and improve overall supply chain efficiency. Ultimately, having a report of landed costs promotes transparency and assists in strategic financial planning.

How to Generate a Report of Landed Costs in NetSuite?

Are you looking to gain a better understanding of your landed costs within NetSuite? Look no further! In this section, we will guide you through the steps to generate a comprehensive report of landed costs in NetSuite. By setting up the landed cost feature and following a few simple steps, you can easily track and analyze your landed costs for more informed decision-making. Let’s dive into the process and get your landed cost report in no time!

Step 1: Set Up the Landed Cost Feature

To enable the landed cost feature in NetSuite, please follow these steps:

1. Begin by going to the NetSuite dashboard and navigating to the “Setup” menu.
2. Next, select “Accounting” and then “Accounting Preferences”.
3. Under the “Items & Inventory” tab, make sure to check the box that says “Enable Landed Cost”.
4. Finally, click “Save” to apply the changes.

By setting up the landed cost feature, you can accurately track and allocate costs associated with importing goods. This feature helps you understand the true cost of your inventory by including additional expenses such as shipping fees, customs duties, and insurance. Enabling this feature will give you better visibility into your landed costs and allow you to make informed business decisions.

Step 2: Create a Purchase Order with Landed Costs

In NetSuite, creating a purchase order with landed costs involves the following steps:

1. Set up the landed cost feature in NetSuite.
2. Create a purchase order and include the landed costs associated with the shipment in Step 2: Create a Purchase Order with Landed Costs.
3. Receive the items and record the landed costs.
4. Run the landed cost report to generate a comprehensive view of the costs.

By following these steps, businesses can accurately track and analyze the costs associated with their purchases, enabling better decision-making and cost control.

Step 3: Receive the Items and Landed Costs

Receiving the items and landed costs is a crucial step in generating a report of landed costs in NetSuite. To ensure accuracy and completeness, follow these steps:

1. Verify the received items against the purchase order and packing list.
2. Record the actual quantities received in NetSuite, adjusting any discrepancies.
3. Allocate the landed costs to the received items, such as customs duties or freight charges.
4. Ensure that the landed costs are correctly categorized and assigned to the appropriate items.

Pro-tip: It is recommended to regularly reconcile the received items and landed costs to maintain accurate inventory and financial records. This will also aid in making informed decisions about supplier selection and product pricing.

Step 4: Run the Landed Cost Report

To generate a Landed Cost Report in NetSuite, follow these steps:

1. Step 1: Set up the Landed Cost Feature.
2. Step 2: Create a Purchase Order with Landed Costs.
3. Step 3: Receive the Items and Landed Costs.
4. Step 4: Run the Landed Cost Report.

Running the Landed Cost Report in NetSuite provides valuable information for decision-making. The report includes:

1. Landed Cost Breakdown by Item.
2. Landed Cost Breakdown by Vendor.
3. Total Landed Cost for the Shipment.

Using the Landed Cost Report effectively involves reviewing and updating cost estimates regularly, using the report to negotiate better supplier deals, and comparing landed costs across different shipping methods. Running the Landed Cost Report in NetSuite helps analyze costs and optimize decision-making processes.

What Information Is Included in the Landed Cost Report?

Understanding the true cost of your inventory is crucial for making informed business decisions. This is where a landed cost report in NetSuite comes in. In this section, we will discuss the key information included in this report that can help you accurately track and analyze your landed costs. We will cover the breakdown of landed costs by item and by vendor, as well as the total landed cost for each shipment. By the end, you will have a clear understanding of how to utilize this report to improve your inventory management.

1. Landed Cost Breakdown by Item

To obtain a breakdown of landed costs by item in NetSuite, follow these steps:

1. Set up the landed cost feature in NetSuite.
2. Create a purchase order that includes landed costs.
3. Receive the items and assign the landed costs to them.
4. Run the landed cost report in NetSuite.

The landed cost report provides valuable information, including:

• A breakdown of landed costs by item.
• A breakdown of landed costs by vendor.
• The total landed cost for the shipment.

Analyzing this report can assist in decision-making by:

• Identifying costly suppliers.
• Calculating true product costs.
• Analyzing trends in landed costs.

To make the most of the landed cost report:

1. Regularly review and update landed cost estimates.
2. Use the report to negotiate better deals with suppliers.
3. Compare landed costs across different shipping methods.

In a similar vein, the history of landed costs reveals the evolution of cost analysis methods, allowing businesses to make informed decisions and improve profitability.

2. Landed Cost Breakdown by Vendor

A crucial component of a report in NetSuite is the landed cost breakdown by vendor. This breakdown provides valuable insight into the specific costs associated with each vendor, allowing businesses to identify any potential discrepancies or higher fees. By thoroughly analyzing this breakdown, companies can make informed decisions when it comes to supplier contracts and negotiations. This report plays a vital role in accurately calculating product costs and effectively allocating resources.

Additionally, by examining landed cost trends, businesses can pinpoint areas for cost optimization and ultimately improve overall profitability. In fact, conducting accurate landed cost analysis can result in significant cost savings for businesses.

3. Total Landed Cost for the Shipment

To calculate the total landed cost for a shipment in NetSuite, follow these steps:

1. Set up the Landed Cost feature in NetSuite.
2. Create a purchase order that includes the landed costs.
3. Receive the items and record the landed costs.
4. Run the Landed Cost Report in NetSuite.

The Landed Cost Report provides valuable information such as:

• Landed cost breakdown by item, allowing you to analyze costs at a granular level.
• Landed cost breakdown by vendor, helping you identify costly suppliers.
• Total Landed Cost for the Shipment, giving you a comprehensive view of expenses.

Pro-tip: Regularly review and update your landed cost estimates to ensure accurate reporting and use the report to negotiate better supplier deals. Additionally, compare landed costs across different shipping methods to optimize cost-efficiency.

How Can the Landed Cost Report Help with Decision Making?

As a business owner, understanding your landed costs is crucial for making informed decisions about your products and suppliers. In this section, we will explore how the landed cost report in NetSuite can provide valuable insights into your business. We will discuss how this report can help you identify costly suppliers, calculate the true cost of your products, and analyze landed cost trends. With this information, you can make strategic decisions to optimize your supply chain and increase profitability.

1. Identifying Costly Suppliers

Identifying expensive suppliers is crucial in effectively managing landed costs within NetSuite. To ensure this, follow these steps:

1. Review vendor invoices: Analyze the costs associated with each supplier to identify any discrepancies or inflated prices.
2. Compare pricing: Compare the prices offered by different suppliers for the same products to identify the most cost-effective options.
3. Evaluate quality: Consider the quality of the products provided by each supplier to ensure that cost savings do not compromise product standards.
4. Analyze lead times: Assess the lead times offered by suppliers to avoid delays and potential additional costs caused by late deliveries.
5. Consider shipping options: Evaluate the shipping methods and costs associated with each supplier to identify the most efficient and cost-effective solutions.

2. Calculating True Product Costs

Calculating the true costs of products is crucial for making informed business decisions and maximizing profitability. To accurately determine these costs, follow these steps in NetSuite’s Landed Cost feature:

1. Set up the Landed Cost feature in NetSuite.
2. Create a Purchase Order that includes all landed costs.
3. Receive the items and their associated landed costs.
4. Run the Landed Cost Report.

The Landed Cost Report provides essential information, including:

1. A breakdown of landed costs by item.
2. A breakdown of landed costs by vendor.
3. The total landed cost for the shipment.

This report aids decision-making by:

1. Identifying costly suppliers.
2. Calculating the true costs of products.
3. Analyzing trends in landed costs.

To effectively use the Landed Cost Report:

1. Regularly review and update landed cost estimates.
2. Utilize the report to negotiate better deals with suppliers.
3. Compare landed costs across different shipping methods.

3. Analyzing Landed Cost Trends

Analyzing landed cost trends in NetSuite can provide valuable insights for decision-making. Here are the steps to analyze landed cost trends:

1. Access the Landed Cost Report in NetSuite.
2. Filter the report by date range to focus on specific periods.
3. Examine the breakdown of landed costs by item to identify trends in specific products.
4. Analyze the breakdown of landed costs by vendor to evaluate supplier performance.
5. Review the total landed cost for shipments to understand overall cost trends.

By analyzing these trends, businesses can identify costly suppliers, calculate the true costs of their products, and make informed decisions regarding shipping methods and negotiations with suppliers. Regularly reviewing and updating landed cost estimates is crucial for accurate analysis.

What Are Some Tips for Using the Landed Cost Report Effectively?

As a NetSuite user, you have access to a variety of helpful reports to track your business expenses. One such report is the Landed Cost Report, which provides a breakdown of the total cost of goods including shipping, duties, and other fees. However, to fully utilize this report, there are some key tips to keep in mind. In this section, we will discuss how regularly reviewing and updating your landed cost estimates, using the report to negotiate better deals with suppliers, and comparing landed costs across different shipping methods can help you effectively utilize the Landed Cost Report in NetSuite.

1. Review and Update Landed Cost Estimates Regularly

To ensure precise financial planning and decision-making, it is essential to regularly review and update landed cost estimates in NetSuite. Here are the steps to follow:

1. Access the Landed Cost feature in NetSuite.
2. Review the existing landed cost estimates for accuracy.
3. Update the estimates based on changes in shipping costs, customs duties, or other relevant factors.
4. Validate the updated estimates by comparing them with actual costs incurred.
5. Document any discrepancies or deviations from the estimates.
6. Communicate the updated estimates to the relevant stakeholders, such as finance teams or procurement managers.
7. Monitor and track the landed costs on an ongoing basis to identify any significant variations.
8. Regularly analyze and evaluate the impact of landed costs on overall product costs and profitability.

By consistently reviewing and updating landed cost estimates, businesses can ensure accurate financial reporting, control costs, and make informed decisions regarding supplier negotiations and pricing strategies.

2. Use the Report to Negotiate Better Supplier Deals

To effectively negotiate better deals with suppliers using the Landed Cost Report in NetSuite, follow these six simple steps:

1. Regularly review the Landed Cost Report to identify suppliers with higher costs.
2. Compare the landed costs of different suppliers to find opportunities for negotiation.
3. Utilize the data gathered from the report to support your negotiations, such as cost breakdown by item and vendor.
4. Analyze trends in landed costs over time to identify patterns and negotiate better terms with suppliers.
5. Utilize the report to accurately calculate the true product costs, including all expenses incurred.
6. Share the findings from the report with suppliers to negotiate better deals based on the actual costs.

3. Compare Landed Costs Across Different Shipping Methods

To compare landed costs across different shipping methods in NetSuite, follow these steps:

1. Step 1: Set up the Landed Cost feature.
2. Step 2: Create a purchase order with landed costs.
3. Step 3: Receive the items and associated costs.
4. Step 4: Run the Landed Cost Report.

By generating a report of landed costs, you can analyze and compare expenses associated with different shipping methods. This information can help you make informed decisions regarding supplier selection and shipping options.

Pro-tip: Regularly review and update landed cost estimates to ensure accurate data for decision-making.