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Overview
Reckoner Purchase Management
Purchase Function in any organization has to maintain an uninterrupted flow of materials while at the same time it has to reduce inventory obsolescence without a reduction in consumer satisfaction. It must have an accurate specification of materials required and a clear understanding of their cost and importance.
Purchasing signifies much more than simply buying. The purchase department must find the description and details of the materials needed, send enquiries, obtain quotations from the reliable suppliers, negotiate the price and contractual conditions of the supply, place the order, and follow up with the supplier to ensure timely delivery of the material. Reckoner Purchase makes it simpler for the organization to handle these wide ranges of activities.
Reckoner Purchase consists of the following documents: Indent, Request for Quotation, Quotation Registration, Purchase Order and Invoice.
In an organization, procurement of a different type of product follows different processes. Reckoner Purchase Management handles the purchase of Raw material, Packing Material, General Stores and Capital Goods.
Reckoner Purchase maintains Vendors information with their details. System performs vendor rating, blocking/unblocking of vendors, and credit term modification and vendor registration with product/ items. Raw Material and Packing Material procurement process typically begins with an
indent against which a purchase enquiry is raised. When suppliers submit the quotation, the best-suited quotation is selected and a Purchase Order is generated alongwith a delivery schedule.
In case of Raw Material and Packing Material procurement, it could be on the basis of a contract or standalone. In a contract the delivery schedule is specified.
Unlike Raw material procurement, the process of procuring a General stores item and Capital goods generally is standalone and begins with raising an indent, sending a RFQ, registering a quotation, raising a Purchase Order and follow up.
Often the Purchase Order needs to be revised. Reckoner Purchase provides the functionality for PO Revision allotting a unique serial no. with every revision.
In case of purchase of services there is no Good Receipt stage as services are deemed to have been consumed the moment they are bought. Thus their bill passing can be directly initiated after purchase order has been authorized.
The role of the purchase does not end with acceptance of quality goods; payment has to be made for the same.
Reckoner Purchase has a formalized bill passing procedure. The System validates the invoice with the charges from the Purchase Order and quantity from the Goods Receipt. Once this Invoice is authorized, the system automatically generates a Purchase Voucher in Reckoner Financials.
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