What is Purchase Order? What is Purchase Order Meaning?

It is a DOCUMENT that helps to place an Order with a SUPPLIER / VENDOR with a LIST of ITEMS to Purchase, Its Specifications, Quantity, Agreed Price and the Place to DELIVER the same. This is an important document, if the items sent by vendor is wrong or varies in quantities. So it’s a contractually binding document, in case of a dispute.

in ACTouch ERP, we have the complete Procurement Management Cycle that addresses the need of a Manufacturing industries.

1. You can create Purchase Order of Inventory or Services types
2. Receive Materials or Services against the Purchase Orders thats created earlier. 
3. While Receiving the materials, you can book the Taxes. ACTouch ERP will update the Inventory and its Costing as we receive the Materials.
4. If you receive a defect Materials, you can RETRUN the same. 
5. If you are an IMPORTER, then you can focus on Product Landing Costs, with Customs Duty, Local logistic charges and other miscellaneous charges been added to the Product Landing Cost.

 

What you will learn in this Purchase Order module?

1. How to make a Purchase Settings? – Helps to manage the overall Procurement management. Settings are the configuration management details that helps which fields to show on screen, what details and access to be given to End Users etc.
2. How to create a Purchase Order? – What is Purchase Order? How to create them? What are the types of Purchase Orders etc.
3. How to make a Goods Receipt Note (GRN) or Purchase Order Receipt (POR)? – Helps to receive the stocks into Company, helps to create Liability towards the Supplier to pay the money.
4. We also built a feature to Lodge Supplier invoices that helps to pay the suppliers. In India, many CA’s use this feature to book supplier invoices and pay against the invoice. 
5. How to RETURN the Materials that’s received?
6. You will learn to manage the complete Procurement cycle including financials and transactions.
7. You can explore more on Purchase Order template or define the Purchase Order Format. Many business has their own Purchase Order template or Formats that can be customised to print and send the same to their Suppliers.

Basic Data needed to setup Create Purchase Order MENU to work?

Settings	General Settings	Enable few features, Document No Sequencing
	Purchase Settings	Enable Few Features, that needed for Transaction screens
Mandatory data needed	Product master
	Tax Master
	Vendor Master
	Employee Master	If you do payments to Employees Expenses etc
Optional Data needed	Location Master	If you want to keep the Stocks by Location
	Accounts Master	Create your own Chart of Accounts, if needed
	Payment Terms
	Terms and Conditions	Create Terms and Conditions template
	Credit Terms
	Subtype Settings	For Document grouping, GST Reporting etc
	Product Group Creation
	Multi Currency	If you are into Forex Trading

Please use the above settings based on your business needs.

Tags Create new PO, Create PO, Purchase Orders