Receipts for Procurement Features and Functions
Receipts for procurement refers to the criteria related to the reception of ordered goods from the supplier. Between the moment when goods arrive and the moment when they are physically stored in the warehouse, there are a few factors that need to be taken into consideration, such as the quantity of the good received (Does it correspond to the quantity ordered?); the quality of the goods (Were the goods damaged during transportation or handling? Did perishable goods expire before getting shipped?); and pricing (Did the price of the goods delivered change due to unexpected factors?).
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- Reports information on goods reception
- Receipt order or receipt number
- Creates receipts based on the contract or project
- Multiple POs may be grouped as a single receipt for one shipment
- Automatically numbers receipts in sequence
- Calls up PO receipts in real time and updates inventory data
- Calls up PO receipts, in real time, for items received or services rendered, and updates inventory data
- Users may log and report on scrap or reject goods in real time based on a choice of PO, supplier, and item parameters
- Transactions for receipts include vendor certification and lot numbers as well as the results of quality tests
- Flags and updates using conversion factors when received unit of measure is different from ordered unit of measure
- Issues a claim note when the packing slip differs in quantity from the receipt
- Reports on material rejections (as for material tests and specification differences)
- Reports on material rejections based on contract or project parameters
- Issues shipping and credit documents to suppliers for returns, or to obtain replacements for rejected materials
- Accept-with-rework category for received materials
- Real time orders may be issued to rework
- Provides receipts for materials requiring inspection upon reception
- Provides receipts, in real time, for materials that do not require incoming inspection (goods that go to stores without intervention)
- Receives and processes drop-ship orders by line item on a PO
- Material receipt information may be noted
- Records and issues claims upon receiving materials that violate standards
- Records invoice to financial system as materials are received
- Issues reports in real time, comparing material received against production material shortages
- Logs receiving and releasing vendor transactions during shipment, component manufacturing, and material authorization
- Tracks and report on errors in batch processing on receiving materials
- Handles obsolescence data for material under shelf life control
- Correlates quantities of the PO with the received invoice
- Maintains changes to the pricing of materials
- Maintains data on purchases for analyzing, project accounting, and reporting
- Computes and posts price variances for standard cost accounting
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Purchasing Management Features and Functions
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