Import Duty

If you buy items from a vendor located outside of the country, you may need to account for the tariffs, excise taxes, and duties charged by your government.

Setting Up Sage 50 Accounting to Track Duty

To track the import duty when you buy items from a vendor outside of the country, complete the following steps:

1. Turn on tracking import duty.
2. Set up duty information for your vendors.
3. Add duty information to the affected inventory item records.
4. Verify the duty amount displayed in the purchase invoice when you record a purchase of the inventory item.
5. Record the import duty charged by your brokerage company or government in a purchase invoice.
6. Record the payment made to your brokerage company or government.

Sage 50 Accounting calculates the import duties on the purchases you make based on duty information that you set up in your inventory item records. When you enter a purchase invoice for an item that you have configured, the program will automatically calculate the amount of duty you will be charged. That amount is put in a holding account which you assign when you process the invoice for the duty and taxes. 

Once you calculate the amount of duty based on an invoice, you can see the amount transferred to the duty holding account on the All Transactions Detail report.

Notes:

The amount of duty that Sage 50 Accounting calculates for you is an estimate only: the invoice you receive from your customs broker or government customs agency should be considered the correct amount.

What do you want to do?

Change the account used to track import duty