Import Customs Duty and Shipping Charges should be part of CoGS, not Expenses in PnL
Dear Zoho Team,
As per the accounting principles, the import customs duty and shipping charges for goods must be treated as Cost of Goods Sold (CoGS) only. But in Zoho books, when we are creating Bill of Entry, the customs duty + Additional charges is not being treated as CoGS in PnL report. But the customs duty+additional charges are being treated as Expense.
This is leading to highly misleading Gross Profit (on the higher side) and depending upon the import volume the Net margins have also become volatile (higher import->more expenses->less net profit and vice versa). The expenses of Customs and shipping are being accounted for without even the goods getting sold.
Customs Duty and related import charges should be added in CoGS and closing stock of the goods imported
This is a highly critical feature for any organisation who is importing goods.
Your customer service team has already clearly denied the availability of this feature.
But without this feature, the entire accounting (profit / loss) is being reported incorrectly. Therefore, request you to please take it urgently and implement this feature without any delay.