The Incoterms rules or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC). They are widely used in International commercial transactions or procurement processes. A series of three-letter trade terms related to common contractual sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods.
In GOOMI these terms were setup in the Inco Terms application. There are some default settings already available within the application, the user can modify it or create new terms. These Inco terms can be found in transactions like purchase invoice and goods receipt as Inco Terms for the user to select.
Below are available actions for the user from “Inco Terms” :
Create new unit, edit and delete inco terms.
View and search for inco terms
Field Name |
Description |
Mandatory Information |
| Inco Term Name | Self-explanatory |
Y |
| Inco Term Code | Custom code for the Inco term |
N |
| Use this as Default Inco Term | Tick the checkbox to set as default Inco term |
N |
| Cost Recognized during | Select the cost to be recognized during which transaction: Purchase Invoice or Goods Receipt |
Y |
| Description | Additional information or note for the Inco term |
N |
Create New Inco Term:
1. Click on “Create New” button at the bottom right of the screen.
2. Fill the information on bottom half of the screen
3. Click on “Save” button at the bottom right of the screen.
Update Inco Term Details
1. Click on Inco term record to be updated, it will show the details at the bottom half of the screen for the selected Inco term.
2. Make change(s) on the Inco term’s information
3. Click on “Save” button at the bottom right of screen when done
4. Click on “Revert” button at the bottom right of screen
Delete Inco Term Details
1. Click on Inco term record to be deleted, it will show the details at the bottom half of the screen for the selected Inco term.
2. Click on “Delete” button at the bottom right of screen
3. Click on “Yes” button on the pop-up window to confirm record deletion
View and Search for Inco Term Details
1. Enter search parameter to filter the result, i.e. type in name of the term in the textfield box
2. Result can be sorted alphabetically by clicking the fields’ columns
3. Click on inco term record to view, it will bring up the details on the bottom half of the screen