Each organization acquires material or services to finish its business needs. The method of buying materials and obtaining services from carriers or dealers is procurement. the steps that are required you obtain a material forms the procurement cycle. each company performs some common sequential steps so that a material can be procured in right amount on the right price. The important steps in procurement cycle are as follows:
That is the first step in procurement cycle. it is the logical subdivision wherein it is decided that what material or offerings are required through organization, and which dealer can satisfy the requirement. A list of necessities is made and then it is accepted by using senior authority within the agency. After approval, formal list is made that is called purchase order with one more stage of approval which is dispatched to the vendor.
Purchase order is the formal and final confirmation of the necessities which is sent to dealer to supply material or services. buy order will consist of important records like name of material with its corresponding plant, information of purchasing company with its organization code, name of supplier, and date for delivery of material. Buy order can be created through following the below steps:
Path to create purchase Order:
Logistics => materials management => purchasing => purchase Order => Create => vendor/ supplying Plant known
On SAP Menu screen choose Create dealer/offering Plant recognized execute icon by using following the above path.
Fill in all important information like name of vendor, shopping organisation, shopping organization, company code, details of material like material number, price, currency, plant.
Fill in all important information below item through choosing the tabs like invoice/shipping Tab (offer the tax code, payment terms and situations, and incoterms), project Tab (provide the valid G/L code, business region, and WBS detail. click on save. a new purchase Order can be created.
After processing of buy order through dealer, material is added to ordering party and this method is called as goods receipt. So, items receipt is the section in which the material is acquired by way of the ordering party and the situation and quality are proven. once material is proven towards quality then items receipt is posted. goods receipt may be posted through following the below steps.
Path to post goods Receipt:
Logistics => materials management => inventory management => goods movement => goods movement
On SAP Menu screen choose items movement (MIGO) execute icon through following the above path.
Fill in all important information like movement type(101 for goods receipt), call of material, amount received, detail of storage region and plant in which the material could be placed. click on on save. items Receipt is now posted for the material.
Invoice is received from the seller after goods receipt, after which invoice is proven through the ordering party. So, this is the section wherein the vendor (seller) is paid from the company and reconciliation of the invoice and PO is done. invoice can be posted by way of following the below steps:
path to post invoice:
Logistics => materials management => Logistic invoice verification => document entry => enter invoice
On SAP Menu screen choose input invoice execute icon through following the above path.
Fill in all important details like invoice posting date, quantity that is paid to vendor along with quantity for which quantity is paid. click on save. bill is now published for the goods receipt.
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