Streamline procurement, manage vendors, enhance relationships with features.

On the PR page, you can find all the PRs with different statuses, including Partial, Processed, Closed, and Cancelled. The page allows you to search for previous PRs based on various criteria such as PR status, created date, PR number, and cost centre name. This makes it easier to track and manage purchase requisitions efficiently.

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The Purchase Order (PO) Management is a crucial process in which your store officially commits to purchasing goods from a vendor. It helps streamline the procurement process and ensures a clear understanding between the store and the vendor regarding the items, quantities, and terms of the purchase. To search for previous purchase orders, follow these steps: 1. Go to the PO Management page. 2. You will find a list of all purchase orders, categorized as Partial, Processed, Closed, or Cancelled. 3. Use the search functionality to find specific purchase orders. You can search by PO status, created date, PO number, cost centre name, or PO status. 4. Enter the relevant search criteria and click on the search button. 5. The system will display the matching purchase orders based on your search criteria. By using the search and sorting options in the PO Management page, you can easily locate and track previous purchase orders for reference, reconciliation, or any further actions required.

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To create a Purchase Order (PO), follow these steps: 1. Access the Purchase Order (PO) Management page. 2. Select the desired date for the PO. It is possible to create a PO for a past date if needed. 3. Choose the vendor for whom you are creating the PO. The vendor should be pre-configured in the Vendor Master page. 4. Search and select the items you wish to include in the PO. You can search for items by their names. 5. Enter the required quantity for each item in the PO. 6. If you are manually creating a PO without using a Purchase Requisition (PR), ensure all the details, including items, quantities, and vendor, are accurate. 7. Save the PO after reviewing all the information entered. 8. Once the PO is saved, you have the option to take a printout of the PO document. By following these steps, you can successfully create a Purchase Order with the necessary vendor, items, and quantities for your store's procurement needs.

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In a vendor agreement, a contract rate is set for a specific item to establish a fixed price that will remain constant for the duration of the agreement. This allows businesses to procure goods or services from the vendor at a pre-negotiated and agreed-upon rate, ensuring stability and predictability in costs. For example, if a hotel decides to purchase milk from a specific vendor for a year, they can enter into a vendor agreement that stipulates a fixed price for milk per Liter, say 100 Rs/LTR. Throughout the entire year, regardless of fluctuations in market prices, the hotel will be charged the agreed-upon rate of 100 Rs per Liter for milk. The contract rate provides both the vendor and the buyer with the assurance of price consistency and helps in effective budgeting and cost control. It eliminates the need for constant renegotiations and minimizes the risk of price volatility, making it a beneficial arrangement for both parties involved.

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The Regular Rate refers to the current or prevailing rate of goods without any specific contractual agreement. In the absence of a contract rate, the regular rate is the standard price at which goods or services are offered by the vendor in the open market. This rate can vary and is subject to market conditions, demand, and supply factors. For example, if a hotel or any business procures goods from a vendor without having a pre-negotiated contract rate, they will be charged the regular rate, which is the prevailing price for those goods at that particular time. It's important to note that the regular rate can fluctuate over time due to market dynamics and other external factors. In contrast, a contract rate provides stability and a fixed price for the duration of the agreement, shielding both parties from market fluctuations.

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Once the Store creates a Purchase Requisition (PR), it can be used to generate a Purchase Order (PO) in the procurement process. Here's how it works: 1. The Store initiates a PR: The Store or purchasing department creates a PR, which includes details of the items required, their quantities, and other relevant information. This PR serves as a formal request to procure the specified goods or services. 2. Using PR to create a PO: To streamline the procurement process and avoid duplication of efforts, the authorized personnel can select the PR and use it as a reference to generate a Purchase Order. By clicking on the "Using PR" button, the system retrieves all the information from the PR and populates it into the Purchase Order form. 3. Verification and Authorization: Before the PO is finalized, it goes through verification and authorization by the relevant authorities. This step ensures that the PR details are accurate, the vendor selection aligns with the organization's procurement policies, and the proposed purchases are within budget. 4. Generating the Purchase Order: Once the PR is verified and authorized, the Purchase Order is created with the PR details automatically transferred. The PO includes additional information such as vendor payment terms, delivery schedule, contract rates (if applicable), and any extra charges like transportation fees. 5. Sending the PO to the Vendor: The finalized Purchase Order is then sent to the selected vendor. It serves as a formal agreement between the buyer and the vendor, outlining the terms and conditions of the purchase. Using PRs to create POs helps streamline the procurement process, reduce manual data entry errors, and ensure that all purchase requests are tracked and authorized properly.

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