Purchase Orders Are Here!

After a lot of research and development we’re pleased to announce our successful launch of some great new features for generating purchase orders, sending them to your suppliers (or vendors), and replenishing your stock levels.

Here’s how it all works:

If you login to your SalesBinder account now, you’ll first notice there are two new menu items (“Supplier List” and “Purchase Orders”).

Supplier List:

This new supplier list (found under the “Accounts” menu) is used for keeping track of all your suppliers/vendors. These suppliers can then be assigned to “Quantity Inventory Items” so you know which supplier actually supplies what. This is important because these associations are used while creating purchase orders, preventing you from ordering inventory from a supplier that doesn’t actually carry a specific item.

Purchase Orders:

You now have the ability to create professional purchase orders (P.O’s), which are used to automatically replenish your inventory stock levels.

To create a P.O. all you need to do is click on the “Create Purchase Order” button, choose a location for where you want the items sent, then choose which supplier you want to use. Now all you need to do is add items to your purchase order (this part should feel familiar because it’s exactly the same way you construct an estimate or invoice). While adding inventory items to your P.O. you may notice it doesn’t present you with all of your inventory. The reason for this is that we only present you with items that are associated with this supplier, and they also have to be present at the location you selected.

Purchase Order Statuses:

There are three different types of statuses your P.O.’s can be in (“Not Sent”, “Sent”, and “Received”). It’s important you keep track of your P.O.’s and update their status when things change. SalesBinder will present you with a list of backorders while viewing an inventory item, and once you mark that P.O. as “Received”, all those items will automatically be placed into your available stock.

A few more notes:

Since your actual “unit cost” can change now, we’ve introduced an industry standard way to keep track of your unit costs, called “Weighted Average Cost”. The average cost is computed by dividing the total cost of goods available by the total units available for sale. This gives a weighted-average unit cost that is applied to the units in the ending inventory. You can find more information here.

This is only the first phase of introducing purchase orders. We’ll be expanding on this functionality soon by adding useful tools such as generating low stock level reports and providing a quick way to generate P.O.’s for those items.

We’re completely open to suggestions and would love to hear what you think!

– The SalesBinder Team

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