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In the industry scenario, Purchase Order acts as a legal document, a form of an agreement with the supplier for the procurement of materials as per the requirements, terms and conditions. The main objective of this component is to create and maintain the purchase order for the stockable Items.
General Purchase Orders are created for real time procurement for various items thus calling for Request For Quotation for every need. In such case item details, Condition of an item, Price, Quantities, need date, delivery schedule, terms of delivery, accounting information and Pay term are known.
Further, Purchase Order acts as a base document for the Goods Receipt processing and invoicing verification and subsequent process for the Payment processing.
Purchase order management as addressed through the PO component is basically an attempt to automate the purchasing process, but at the same time as all information is shared it helps in better supplier management and brings in visibility in the supply chain.
Getting familiar with the activities
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Create Purchase Order |
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PR Based PO |
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Quotation Based PO |
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Cancel / Edit Purchase Order |
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Authorize Purchase Order |
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Amend Purchase Order |
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Hold/Release Purchase Order |
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Short Close Purchase Order |
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View Purchase Order |
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Create Quick Codes |
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Edit Quick Codes |
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Maintain Supplier Correspondence |
Maintain Supplier Correspondence - A summary of the activity |
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Set Options |
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Manage Spares for Subcontract PO |
