Welcome to our detailed guide on optimizing inventory management through the Sage Intacct construction inventory configuration and workflow. This article will delve into the first workflow process of issuing purchase orders and receiving items into stock via the purchasing module.
Setting Up Purchase Orders
To begin, navigate to the purchasing module within your Sage Intacct instance. It's important to operate at the entity level to ensure entity-specific configurations are applied. Creating a new purchase order is straightforward and can be accessed through various shortcuts, lists, or the plus button on your dashboard.
Entering Purchase Order Details
When entering a purchase order, you'll need to fill in essential details such as the order date, vendor information, and delivery address. Sage Intacct allows for customization in the transaction definition configuration, enabling you to edit payment, return, and deliver-to details.
Describe the purchase order entry screen and highlight the ability to attach files, such as vendor quotes, directly to the purchase order record.
Configuring Columns and Details
Ensuring that the necessary columns are set up for PO creation is crucial. You can customize which fields are visible on the main view and which require clicking the 'Show Details' button for additional information. This customization can be done through the 'Edit Entries Layout' under the 'More Actions' menu.
Creating and Posting Purchase Orders
Once the purchase order is filled with the required items, quantities, and prices, you have the option to save it as a draft or post it immediately. Posting can trigger the transaction to be recorded in the system and, if configured, initiate an approval process.
Receiving Inventory
The next phase in the workflow involves receiving the inventory. Warehouse managers or responsible personnel can access the purchase orders through custom views such as 'POs Not Received' and convert them into PO receivers upon delivery of items.
Converting and Receiving Items
By converting a purchase order into a PO receiver, the system pre-fills all the items for review. Partial receipts can also be recorded, which will trigger the appropriate journal entries into the general ledger and inventory accounts.
Vendor Invoicing and Payment
Following the receipt of goods, vendor invoices are processed. By converting the receipt into a stock invoice, the system requires a unique vendor invoice number. Posting this invoice will create a general ledger transaction, moving amounts from inventory payable to accounts payable.
Managing Accounts Payable
The posted vendor invoice is now in the accounts payable section, ready for payment processing. This step completes the cycle from issuing a purchase order to paying for the received inventory.
Inventory Tracking
Throughout this process, inventory levels are updated to reflect received items, providing real-time data on quantities on hand and on order. This enables accurate tracking and management of inventory levels.
Conclusion and Next Steps
This guide has walked you through the initial steps of managing inventory using Sage Intacct's purchasing workflow. By following these procedures, businesses can streamline their inventory management, ensuring efficiency and accuracy.