In its simplest form, procurement is the processing of a delivery note (material receipt) and Accounts Payable (AP) Invoice, where the process becomes more complex. It is thus critical for the enterprise to map out the steps in their procurement process and to match to the appropriate Compiere transactional documents.
We have covered the following in this chapter:
- The process flow of the Procurement cycle within the Compiere system
- Described the main transaction documents within the procurement cycle, namely Requisition, Purchase Order, Material Receipt, and Accounts Payable Invoices
- Given an overview of the returns to vendor process
- Describe the accounting entries of the various procurement documents
- Listed the various reports in the procurement process
In the next chapter we will illustrate the applicable processes involved in Financial Management and Accounting.
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