Knowledgebase AccountingSuite Purchases Purchase Overview

            Purchases Overview


            The Purchases module consists of Purchase Orders, Item Receipts, Bills, Bill Payments and Purchase Returns.

            Purchase Order Highlights

            1. AccountingSuite™ can be set up to reflect how your business runs. For example, a vendor can also be a customer; and new items can be added on the fly even if they haven’t been previously set up.
            2. Screen-by-screen improvements to Purchase Order workflows. “Draft” and “Post” commands let you stay with an open Order until you are ready to move on.
            3. Editing existing Purchase Orders is intuitive, and a history snapshot allows you to undo any action or actions, or even revert back to a specific time.

            Purchase Invoice (Bill) and Purchase Return Highlights

            1. Supplier and Vendor Invoices are simple to enter from existing purchase orders or basic invoice entry.
            2. Line items can be classified and expensed to projects as needed for simplified project accounting.
            3. Each invoice screen is broken out into 2 tabs that feature a separate tab for expenses and items (for inventory or assets).
            4. Built-in controls ensure that user entry follows best practices by only allowing items in the item tab and expenses in the expenses tab.
            5. “Tags” allow each line item or expense to be allocated to a project. You can add projects on the fly when you need to allocate an line item to a project not yet set up.
            6. No more manual Purchase Returns. AccountingSuite™ gives you all the options you need to automate the process of creating a Purchase Return: Refund, Vendor Invoice for the Return, Currency options, Flexibility to return without needing to select a specific invoice, Supplier RMA numbers.

            Purchase Orders - are contracts or agreements between you and your vendor that you will order and pay for products and/or services at a given price.

            Item Receipts - document when the items from a Purchase Order are received. This is the point at which your inventory counts are adjusted to show the received items.

            Bills - record a request from your vendor for payment of these goods/services.

            Bill Payments - are created when a Bill has been paid.

            Purchase Returns - are recorded when inventory is returned to your vendor for any reason.

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