Overview

Purchases Module Features

Documents

1. Purchase Orders – Used to create agreements with vendors for products or services to be purchased at an agreed price.
2. Item Receipts – Used to record when products ordered from a vendor are received. Recording an item receipt updates inventory quantities to reflect the items received.
3. Bills – Record amounts owed to vendors for purchased goods or services. A bill can be created from an existing Purchase Order or entered directly when a purchase order is not required.
   
4. Bill Payments – Record payments made against vendor bills. They help track outstanding vendor balances and maintain accurate accounts payable records.
   
5. Refund Receipts – Used to record refunds received from vendors and properly account for amounts returned to the business.
   
6. Apply Vendor Credits – Allows vendor credits to be applied against outstanding bills or other applicable vendor balances.
   
7. Purchase Returns & Vendor Credits – Used when purchased goods or inventory need to be returned to a vendor.
   
8. Dropship Deliveries – Support purchases where products are shipped directly from a vendor to a customer rather than being received into the business's inventory.

Lists

1. Vendors – Maintain vendor and supplier information used in purchasing transactions.
2. Items – Manage products, services, inventory items, and other items used on purchase documents.
3. Currencies – Manage currencies available for purchasing transactions.
4. Addresses / Contacts – Maintain vendor addresses and contact information.
5. Classes – Organize transactions using classes for tracking and reporting purposes.
6. Projects / Jobs – Manage projects or jobs that can be associated with purchase expenses and line items.
7. Payment Terms – Define payment terms used for vendor transactions.
8. Payment Methods – Maintain payment methods available for bill payments and other purchasing transactions.
9. Shipping Carriers – Maintain shipping carriers used for purchase-related deliveries.
10. Return Reasons – Define reasons that can be selected when processing purchase returns.

Reports

1. A/P Aging – Helps review outstanding vendor balances and amounts owed based on their aging.
2. Open Purchase Orders by Item – This report provides information about open purchase orders based on the items being ordered, helping users monitor items that have been ordered but not yet fully received or processed.
3. Purchases by Item – Provides purchasing information organized by item, making it easier to review purchasing activity for specific products or services.
4. Purchases by Vendor – Organizes purchase information by vendor, helping businesses review purchasing activity and spending with individual suppliers.
5. Additional Reports – CustomBooks™ also provides additional purchase reports that can be used to analyze purchasing transactions and related financial information.

Tools

1. Cloud Payables – Provides tools for managing and processing payable-related activities within CustomBooks™.
2. Extensions – Provide access to additional functionality that can extend the capabilities of the Purchases module.

Settings

1. Purchase Settings – Allow users to configure purchasing-related options and preferences used throughout the Purchases module. These settings help ensure that purchase transactions follow the business's preferred workflow and configuration.

Purchase Workflow

1. Create a Purchase Order – Record the products or services that will be purchased from a vendor.
2. Receive Items – Create an Item Receipt when ordered inventory or products are received.
3. Record the Bill – Enter the vendor's invoice for the goods or services purchased.
4. Make a Bill Payment – Record payment when the vendor bill is paid.
5. Process Returns or Credits – If goods need to be returned, record the Purchase Return and applicable Vendor Credit or refund.
6. Review Reports – Use purchasing and A/P reports to monitor vendor balances, open orders, and purchasing activity.

Summary