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How to Clear Landed Cost/Applying as inventory adjustment?

edited May 23, 2023 3:23AM in Ask A Guru 3 comments

We had a shipment of good received incorrectly in QuickBooks before our recent transition to NetSuite and our accounting team just realized we have a $68,000 customs bill floating in a "clearing landed cost" asset account that we need to adjust inventory costs by. Does anyone have a solution? We considered a journal entry to remove it from the asset account, but how does that play out on the inventory side?

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