Purchase Transaction Lifecycle

The Purchase Transaction Lifecycle in PrismERP covers the complete flow of procurement starting from internal requirement generation and ending with purchase cancellation when needed. It begins with internal requisition, where departments request required products from inventory. Based on approved requisitions, the process continues through quotation request, supplier quotation collection, and quotation comparison for selecting the best vendor.After vendor selection, purchase orders are created and processed, followed by goods receive operations to record incoming items in stock. The lifecycle also includes handling returns, internal issue and return processes, and adjustments during operational use. Finally, if any purchase is no longer required or needs to be reversed, the process concludes with purchase cancellation to ensure accurate stock and financial records.