User guide
  • Purchase


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. iReckoner Purchase makes it simpler for the organization to handle these wide ranges of activities.
iReckoner 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. iReckoner Purchase Management handles the purchase of Raw material, Packing Material, General Stores and Capital Goods. iReckoner Purchase maintains Vendors information with their details.
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. iReckoner 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. iReckoner 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 iReckoner Financials.
iReckoner Purchase interacts with iReckoner Inventory. Purchase Order is associated as the reference document in GRIN.
iReckoner provides unique features whereby different charge components can have different accounts associated with them and thus debit these accounts accordingly. iReckoner Purchase further interacts with Accounts Receivables and Payables for Payment Processing and Analysis.