Basic understanding of Vendor Master data and Purchases Order and Goods Receipt to the commerce and Finance students

 Vendor Master data and Purchases Order and Goods Receipt

1. Vendor Master Data:-

Vnedor master data team will add new vendor's in the data base, edit details of the existing vendor's and update existing vendor master data details and remove outdated or unused data.

2. Purchasesd Order(PO) is a contractual document, whihc states the intention of the buyer to buy goods which include the buying company and the selling company details and goods details.

Purchases Orders typically having three types 1.Standard Purchases Order- created for a single purchases, 2.Contract Purchases Order- is created for a long term commitment purchases of goods of services 3. Blanket Purchases Order is created for long term business needs for a fixed set of goods or services.  

3. Goods Received Note: - is the completionof delivery process, where the receipient verifies the quantity and quality of the goods and record the goods received and issue a receipt of the goods received.