Recognise Acquisition
The receipt processed in ACOS of "Goods and/or Services Received" from a vendor is a critical point in the procurement cycle, because it is when most companies first recognise the acquisition and related liability in their financial system.
If a workflow process (other than the normal process) is followed, as an "exception to the rule", the ACOS system allows for Deviation in Policy option to be selected on the Initiator side, bypassing the "standard" set out process. The "Deviation in Policy process" for example, includes the CEO as approver of the Deviation to review & sign off on the procurement.
Supplier Invoice
The supplier invoice received from the vendor, is captured in ACOS against the purchase order. It shows the amount owed for an acquisition (purchase order issued). It indicates the description and quantity of goods, items/services received, price (including freight), cash discount terms, date of billing, and total amount due.
Credit Note (Memo)
Process the "Credit Note" document in ACOS (received from the vendor) as an indication of a reduction in the amount owed to the vendor because of returned goods or an allowance granted.
ACOS Procurement and Supplier Management
The Best and Simplest Procurement Software