In SCM, Product life cycle refers to the order management of products or goods that are being generated and tracked out from the application. Order management is the key solution of the SCM related business. Purchasing, Selling do play a critical role in the product life cycle of SCM.
1) First Creating the Products from the application :
Inventory--> New Products
Creating the products in the application which you will be purchasing or selling from the parties.
Item: item under which the product will be created
Name: Name of the product
Code: Code to recognize the product in the application
HS Code: Standard Code for the product for recognizing
Barcode: Barcode Number of the product if any (optional)
Delivery System: System of delivery the product in inventory whether FIFO or Average
Brand/Manufacturer: Name of the brand of the product (optional)
Model Name: model name of the product if there is any (optional)
Preferred Vendor: Name of the vendor to be preferred for taking or purchasing this product
Purchase price: Price by which the product is purchased
Purchase Discount: Discount in purchase price (optional)
Sale price: Sale price of the product
Sale Discount: Discount if there is any on the sale price
MRP: Maximum Retail price
Feature aslo has the discount provision on that product if you want to
Product Type: type includes whether it's a raw materials, finished goods ,wastage or an Asset
Product Serial: Serial of the product if there is any ( Note serial can be generated automatically as well as manually)
Default Inventory: choosing the default inventory for the product.
2) List of Product Page view: Inventory--> List of Products
List of Product page shows all the list of products that are being created.
Search filter: With the help of search filter you can search specific product by searching through Product name, Code, Manufacturer, Model, Item, Type
From the list page you can see the overall details information of the product. As well as you can edit the information and tag a picture and barcode of the product
3) Purchase Order of Products from the Supplier: In order to Purchase products from the supplier you need to go for Add Purchase order from the Order management feature.
Order--> Add Purchase Order
The section on the above screenshot shows all the fields that are required for fill up for generating a purchase order of products from the supplier.
1) Party: Choosing the supplier company
2) Name of the supplier
3) Order & Delivery Date: Date of ordering and delivering the purchased product
4) FOB Date: FOB refers to free on board date which defines that whether there is any liability of goods between two parties( For PO liability refers from the supplier that you have a liability of a previous goods which was damaged or exchangeable
5) Inventory: Choosing the Inventory where the purchased will be delivered and stocked
6) Contact and email address
7) Product information: Choosing the products and the quantity with units and unit & total price
8) Account Information: Since your doing a purchase order so the transaction will be on the accounts payable since your purchasing the products and you need to pay the amount so it's will be a payable account.
4) Sale Order of Products to Customer: For generating a sale order of product to customer, you need to go to the order management to create a sale order for a product.
All the information fields section are provided in the above screenshot which you will be providing in order to generate sale order of products and choosing the inventory from where the product will go out and be sold to the customer. In the product information you need to choose the product which will be selling with the quantity, unit price and total price.
Order date, delivery date needs to be provided for the product sale order.