Purchase Management

What is Purchase Management?

Purchasing is the function of buying goods and services from external sources in an organization. The Purchase department initiates the function when required by an organization, and tries to streamline the purchase by defining and managing the workflow.

Benefits of Purchase Management are:

• Streamlining the acquisition of components and allowing addition of them as unassigned assets
• Configure vendor and product related information
• Price comparing for different vendors/products

Purchase management group has the options that are specific to customize the purchase module as below:

Purchase Custom FieldsDefine and manage additional fields required to capture purchase-specific information for your organization.Purchase Price FieldsConfigure fields for tracking and maintaining purchase prices across vendors and products in your organization.GL CodeSet up General Ledger codes to maintain clear accountability and financial tracking for all purchases.Cost CenterAssign cost centers to purchases to directly attribute spending to the relevant departments or business units.Purchase Custom RulesDefine rules that enforce organizational compliance policies across purchase workflows and approvals.Print TemplateCreate and manage custom print templates for generating formatted purchase order documents.AddressCreate and manage the list of addresses used in Purchase Orders for billing and delivery locations.