This guide provides a clear overview of the steps you would take in DashBod to account for each step of your Purchase Management process when buying a good or service from a supplier or vendor.
Note: If your purchase management process does not require you to create a RFQ or Purchase Order, you may proceed straight to Step 3.
Managing the Purchase Process:
- Create a Request for Quotation (RFQ)
- Create a Purchase Order
- Create a Supplier Bill
- Register Payment for Supplier Bill
1. Create a Request for Quotation (RFQ)
Companies typically start off by creating a RFQ for a supplier/vendor, which details your purchase requirements and asks vendors to respond with pricing and payment terms.
2. Create a Purchase Order
Next, the RFQ would be converted into a Purchase Order upon agreement with the supplier/vendor.
Creating the Purchase Order and sending it to suppliers will make it easier for businesses to verify that they receive exactly what they ordered and as a proof of intention to purchase.
3. Create a Supplier Bill
The Purchase Order would then be converted into a Supplier Bill when the goods and services requested from the supplier/vendor are being prepared.
Creating a Supplier Bill using DashBod will allow companies to record their operational expenses and have a clearer view of their spending.
4. Register Payment for Supplier Bill
Finally, when payment has been made to your supplier/vendor, it should be Registered to the Supplier Bill that has been created earlier.
This guide has covered the steps a company would normally take in their Purchase Management Process.
To explore DashBod’s other Purchase Management functions, click here.