How to create 'In Transit' receipt when ASN is received from vendor?

Summary:

My organization uses a third party distributor in Asia. When they ship the product, the send us an ASN. We actually own the product at that time and need it to be represented on the balance sheet.

We understand that the ASN will show as In Transit, but we also need to create a transaction at that time that suggests the product is under our ownership. We do not want it calculated as On Hand quantity so Standard or Direct Receipts will not work. Inspection Required also may not be the right answer since it will be considered in our On Hand.