Procurement
What is an Account Head?
An Account Head refers to the category or grouping used to classify financial transactions in the accounting system. It helps in organizing and tracking expenses or revenues. Items are mapped to an account code in the item master, and these account ...
What is the Type of Account Code?
The Type of Account Code refers to the classification of an account based on the nature of the expense or revenue. Items are mapped to the Type of Account Code in the item master to ensure accurate categorization during transactions. The possible ...
How is GST calculated?
GST is calculated based on the GST rate for the item. The default GST rate is fetched from the item master but can be adjusted to another available value in the GST master. The bifurcation of CGST, SGST, and IGST is determined as follows: CGST/SGST ...
What is the Procurement Process?
The Procurement Process follows these steps: Purchase Requisition (PR): When a user wants to buy something, the user initiates a PR, which goes through an approval process. Purchase Order (PO): The PO is either created independently or consumes an ...