How to Create a Purchase Order in Ficos: A Shopkeeper’s Guide

How to Create a Purchase Order in Ficos: A Shopkeeper’s Guide #

Hey there! Running a store involves juggling inventory, expenses, and supplier relationships. With the Ficos web app, creating a purchase order is straightforward, ensuring your procurement process stays organized and efficient directly from your browser.

In this guide, we’ll walk you through everything you need to know about purchase orders in Ficos, step by step. Let’s get started!

What Is a Purchase Order? #

A purchase order (PO) is a formal document sent from a buyer to a supplier, detailing the products or services the buyer intends to purchase. It serves as a legally binding contract that specifies:

• Items Ordered: Detailed descriptions of products or services.
• Quantities: The amount of each item requested.
• Agreed Prices: The cost per item or service.
• Delivery Dates: When the goods or services are expected.
• Payment Terms: Agreed-upon payment conditions.

In Ficos, purchase orders help you manage and track your procurement process efficiently, ensuring clear communication with suppliers and accurate inventory management.

Why Are Purchase Orders Important? #

Purchase orders are more than just formal documents—they’re essential tools that help you:

• Ensure Accurate Inventory Tracking: Avoid stockouts and overstocking by maintaining precise records of incoming goods.
• Streamline Supplier Communication: Maintain clear and professional relationships with suppliers through documented agreements.
• Organize Financial Records: Keep track of expenses and support smooth financial audits with detailed purchase histories.

By utilizing purchase orders in Ficos, you streamline your procurement process, leading to better inventory management and financial control.

Understanding Purchase Orders in Ficos #

Supplier Types and Their Roles #

Ficos allows you to categorize suppliers, making it easier to manage orders:

• Inventory Suppliers: Automatically update stock levels upon receipt of items.
• Service Suppliers: Manage services like marketing, repairs, or consulting, requiring manual entry.
• Consumables Suppliers: Track non-inventory items like office supplies.
• Assets Suppliers: Record capital equipment purchases for expense tracking.

For a deeper dive, check out the Introduction to Supplier Management.

Step-by-Step Guide to Creating a Purchase Order #

Step 1: Accessing the Purchase Order Section #

You can navigate to the purchase order section in two ways:

1. From the Shortcuts Page:
   • Navigate to the Shortcuts section on the dashboard.
   • Click New Purchase.
2. From Business Manager:
   • Go to Business Manager and select Purchase Orders.
   • Click the + icon to create a new order.

For more details, visit the Purchase Order Management Guide.

Step 2: Selecting a Supplier #

Selecting the right supplier is essential:

1. Pick an Existing Supplier: Use the dropdown menu to select a supplier from your saved list.
2. Add a New Supplier: Click New Supplier to enter their details and save.

To learn more, check out the How to Add Suppliers guide.

Step 3: Adding Products or Services #

Depending on your supplier type:

• Inventory Suppliers: Select items from your inventory. Stock levels will update automatically.
• Service, Consumables, or Assets Suppliers: Enter product or service details manually, including name, cost, and quantity. Click Add Item to include them.

For inventory management tips, visit the Inventory Management Overview.

Step 4: Finalizing Your Purchase Order #

Complete the purchase order by:

• Entering Forex Rate: Specify the applicable forex rate for international suppliers.
• Adding Payment Details: Record the payment method and amount. Leave the amount as 0 for pending payments.
• Including Costs and Discounts: Add any supplier discounts or shipping costs.
• Saving the Order: Click Save Order to finalize the process.

For step-by-step instructions, check out the Payment and Receipt Guide.

Leverage Ficos Reporting Tools #

Ficos offers robust reporting features to help you monitor and analyze your inventory and procurement processes:

• Stock Alert Report: Stay informed about low stock levels to prevent stockouts. Learn more in the Stock Alert Guide.
• Inventory & Pricing Anomalies Report: Identify discrepancies in inventory counts and pricing to maintain accuracy.
• ABC Analysis by Product: Categorize inventory to prioritize management efforts effectively. Explore the Inventory Management Features.
• Days of Inventory Remaining: Estimate how long current stock will last to plan reordering effectively.

Conclusion #

With Ficos, creating and managing purchase orders is seamless and efficient. By following this guide, you’ll improve inventory accuracy, streamline expenses, and enhance supplier relationships.

Ready to take control of your procurement process? Visit the Ficos Documentation for more tips and tutorials. Here’s to running a well-stocked and successful store!

What our clients say #

I have managed to track my expenses better and been able to budget and plan better

Nayebare Jenuario #

★★★★★

Business has never been managed better on a platform than with Ficos! No hardware costs, no implementation costs, the LOWEST cost of ownership and business intelligence at your finger tips! Thx Ficos team

Fort High #

★★★★★

Excellent platform. Very useful for business

Christian TABARO #

★★★★★