Professional Documents
Culture Documents
Purchase Requisition:
Defn: It’s request generated from Purchasing department (Ex:Plant and Storage
Location) related for the required Material, Quantity to be Purchased from which
Vendor
Path: Display IMG -> Material Management -> Purchasing -> Purchase
Requisition -> Define Number Ranges [Execute]
RFQ[Request for Quotation]/Quotation:
Defn: It’s request generated from Client towards Vendors related
required Material, Quantity, Quality and Price to be delivered based on
Purchase Requisition.
Path: Display IMG -> Materials Management -> Purchasing ->
RFQ/Quotation [Execute]
Contract :
Defn: It’s an agreement between Two Parties (like Client and Vendor)
to full fill Certain Thing, Certain Value, Certain Period and Certain
Service
@ Types of Contract:
(i) Quantity Contract
(ii) Quality Contract
(iii) Value Contract
(iv) Service Contract
(v) Group Master Contract (It’s a
Combination of all the above Contract’s)
Scheduling Agreement :
Defn: It’s an agreement between Vendor and Client to full fill Certain
Things for the Future Purpose like Material, Quantity...etc.,
Physical Inventory:
Defn: Physical Inventory is the Process of determining the
Stock by verifying or comparing with the requirement, where
stock must show equal quantity as per the requirement.
Purchase Order:
Defn: It’s a Confirmation message from Client to Vendor regarding
requirement of Material, Quantity and Price based on Quotation send by
the Vendor.
Purchase Order can be generated based on Two ways
(I) With Reference of Purchase Requisition,
RFQ/Quotation or existing Purchase Orders
(II) Without Reference of any Previous Orders