Incoterm

There is a new DocType called 'Incoterm' in ERPNext. This feature will be useful for you if you are exporting or importing goods.

International Commercial Terms, commonly known as Incoterms, are a set of commercial terms established by the International Chamber of Commerce. They define the responsibilities and liabilities of both exporters and importers throughout the entire shipping process.

One of these Incoterms, known as EXW (Ex Works), places all costs and responsibilities on the buyer from the named place of delivery, typically the seller's warehouse.

On the other hand, the FOB (Free on Board) Incoterm obligates the seller to deliver the goods to the vessel at the port specified by the buyer, after which the costs and liabilities shift to the buyer.

In ERPNext, you have the capability to track these Incoterms when booking an order from a customer.