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 Fields: These are the fields required to maintain the purchases of an organization.
- Purchase Price Fields: These are the fields required to maintain the purchase prices of an organization.
- GL Code: These are the fields required to maintain easy accountability of the purchases.
- Cost Center: These are the fields required to directly add costing to the organization.
- Purchase Custom Rules: These are the fields required to maintain rules for complying with an organization.