Tracking Inbound inventory I own but have not received.

I have a common importers question without a response.
If I take ownership of inventory when it ships from my supplier (such as a China mfg shipping to the US distributor and my inventory that I own will be in transit for 4 weeks) how do 'see' that inventory in EBS?
I would want to be able to value that inventory for accounting purposes.
In the best case the shipper or my freight carrier would notify me electronicly when it leaves the factory and I take ownership. Would it make sense for me to create a phantom 'inbound warehouse' that I would receive the stock into? Then when the product was actually received in my physical warehouse transfer it from the phantom warehouse to my physical?
what are the ideas here?

Dave
My 2 cents here.
In PO you can capture the FOB rule in terms as say Supplier Site (as soon it leaves supplier site goods intransit are your inventory).
Based on ASN sent electronically by your freight carrier or supplier, you can perform receive transaction which will have accounting between your receiving account and accrual account.
Essentially you need to record this accrual as you are claiming responsibility for this Freight on Board as your inventory (am I right?).
This value in receiving account is your inventory value in transit. If you are on R12, you can change this account (in SLA's account derivation rules) from standard account that is taken from organization to your own intransit account if the FOB of PO is supplier's site. Of course you MAY have to change accounting happening for Delivery transaction as well to credit the intransit account generated at the time of receiving rather than the account from organization.
Thanks
Nagamohan

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Tracking Inbound inventory I own but have not received.

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