Features of PO & Inventory

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Inventory Management System ( IMS )

Purchase Indent and Approval:
Software provides for generating purchase indents on-line through the system by department resources. The indent approval and follow up will be done through the system. System provides for multiple levels of approvals.

Enquiry:
System has provision to send PO Enquiry for the items in the indent register. The user can select the suppliers to whom the enquiry to be sent from the suppliers list prompted by the system.

Quotation and Comparison:
System provides for entering Quotation details received from suppliers. System generates comparative quotation statement received from different suppliers (maximum of 3). Apart from comparing the present quotation, provision is there to compare the price from previous supplies (price comparison statement).

Purchase Order Processing:
System provides for raising Cash, Credit and Capital purchase orders. Provision to raise PO directly from approved indent skipping enquiry and quotation for regular items is also available. PO amendment is allowed through authorized persons on selective criteria, like delivery schedule, quantity, rate, specification etc. System does not allow change / amend Items in PO. PO cancellation is done by authorized persons only. Provision to close orders that are partly supplied is available.

Advance Payment:
Provision is available to make advance payment along-with PO to suppliers and it is referred against bill payments. Supplier advance payments are linked to Financial Accounting.

Key Reports generated in this module are:

Indent Register
Enquiry Register
Quotation Register
PO Register
Comparative Quotation Statement and Report
Pending and Completed Indent / Order List
Purchase Order Monitoring Report

Stores Inventory
Processes / Transactions of this module are:
Goods Receipt:
Goods Receipt Note (GRN) at Stores is prepared against the Gate Inward entry only. GRN is entered against PO (from pending PO list provided by the system).

Provision is available to prepare single GRN against multiple POs. Provision is available to prepare GRN without PO also.

Inspection and Purchase Rejections:
On GRN preparation against material received, system has provision to inspect the items received. Material is accepted and accounted only on approval. Rejected Materials in Inspection would be sent back to supplier through Returnable Gate Pass (RGP) or Non-Returnable Gate Pass (NRGP) prepared automatically by the software along with Gate pass slip.

Material Issue and Approval:
Material Issue Request is made on-line pro-actively by the user and approval is also done on-line. Approved Request goes to Store-Keeper for material issue. While issuing the material, Issue slip is printed by the system and store-keeper gets the signature from the receiver on the slip. Signed Issue slip is maintained as a record for this transaction due to audit / statutory requirements.

Stock Adjustments:
System provides for recording stock adjustments like:
Receipt Adjustment – in the case of variance between book stock and physical stock, excess material received against 0% tolerance, free spares / sample items are accounted.
Issue Adjustment – in the case of variance between book stock and physical stock, excess material issued to floor or more consumption than the estimated qty.

Transfers:
System has provision for inter unit transfer of items either RGP / NRGP method. Reentry of data at another unit is avoided.

Bill Entry and Approval:
Bills entry / passing and approval against GRN are automatic. When the party bill details are entered, if there is any difference between the PO value and the Bill value, automatic Debit / Credit Note generation is possible and FA posting done automatically.

Job Order and Work Order:
Provision available for tracking Job / Work Orders with necessary gate pass creation for job orders. Also service bill entry can be made against job orders.

Raw Material Inventory – Cotton / Synthetic Fiber
Processes / Transactions of this module are:
Contract / Order Creation:
Software provides for generating a contract / order confirmation and its processing.

Arrivals:
Provision to enter Lot arrival details and bale details is available. System provides for capturing weight details either automatically from weighing machine or through manual entry and prepares bale wise weight report. If the individual bales are not weighed, average weight is distributed to all the bales. Material accounting is based on FOR / Spot Basis.

Inspection and Quality Parameters:
System provides for sample receipt, testing of lot samples, quality details of lot arrivals of cotton. After inspection, system compares sample test values with the actual received material, and gives deviation report. Lot approval provision based on the sample test values of quality parameters between sample and arrivals.

Mixing Issues:
System provides for creating issues mixing-wise. Mixing wise / Mix Number wise issues are accounted. Provision to issue bales from multiple lots of same variety also available.

Purchase Bill Entry:
Bills entry / passing and approval against Lot receipt is automatic. When the party bill details are entered, if there is any difference between the contract value and the Bill value, automatic Debit / Credit Note generation and finance posting can be done automatically. Similarly for any allowances also debit note are generated.

Transfers:
System maintains multiple go-down stock. Provision is available to transfer raw material lots from one go-down to another and transfers between divisions also. Stock valuation is on landing cost basis.

Adjustments:
Provision for stock adjustments lot-wise is available.

Key Reports generated in this module are:

  • Cotton Sample Testing details and Test Results of Arrivals
  • Arrival Register and Issue Register (Mixing-wise)
  • Material Consumption, Reconciliation and Realisation
  • Order Register and Purchase Register
  • Lot Weight Comparison report
  • Purchase Returns Report
  • Stock Ledger [Lot/Variety wise] and Form IV
  • Market Committee report

 

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