Learn what a “typical” purchasing workflow looks like in the Versa system. A comprehensive view on how to create a product, submit a purchase order, learn how to receive that product, and create a bill to pay your supplier.
"To start, if you don’t have any, you will need to create some new products. To do that, you click on the product menu, and then click on new product. We'll use a golf driver as an example. So, I'm going to put golf driver in the description. It's typical to enter part numbers for your products, so you can add that as well, if you like. We also need to choose the inventory asset account to use for this inventory item. Versa Cloud has the ability to use multiple units, so for this example we'll just use each. We also have the ability to track serialized inventory, and also to track lotted inventory. Serialized inventory means that each unit you buy and sell, has a serial number. You will need to enter that into the system so the system can know who you bought the inventory from and then who you sold the inventory to. Lotted inventory is similar, but instead of individual units having a serial number, you have a lot number that will apply to multiple units of inventory."
"We also have weight and dimension fields for you on the product page. These are optional, they are used in the shipping module to determine the weight and the shipping dimension of your packages. There are also some additional fields you can enter, like bin location. These custom fields can be created by you. You can create as many custom fields as you like in the system to describe the additional attributes of your products. Than you can enter some trading information for the product. This is for cases where you might buy and sell the product in different names. For example, maybe you have a relationship with Costco and Home Depot. When you sell the product to Home Depot, the product has one name, but when we sell to Costco, it has a different name. You can enter that as different trading names. We can put a product into different categories. A category is something that you can set yourself. You can create as many categories as you'd like in the system. You can also enter a description, as well as a long description for the product if you wish. You can use the formatting option to format the detail description of the product."
"After the product is created, there are some additional things you can enter. You can upload an image if you want. All you need to do is just browse to a file with the image on your computer and then you will upload that image to the application. The image will be stored with the product."
"Then there are some additional attributes that can be put on the product. You can also specify reorder points. You can also set up approved suppliers for each product. If you buy from multiple suppliers for the same inventory, then you can enter them here as well."
"Versa Cloud has the ability to track multiple currencies, so you can buy and sell in any currencies that you need. You can also set up selling prices by clicking on the button, "set price policies". It is common that you may have the product, and then you sell to different customers in different price levels. So in this system we have set up a dimension, which is a feature of Versa Cloud, it is called a pricing type. This pricing type is something that you can specify yourself, you can create as many price levels as you like. For example, I have a warehouse pricing and drop ship pricing. So, I am going to say for the warehouse pricing, each unit is 250 dollars, and then there's a drop ship price, it's a bit more expensive. It's 280 dollars."
"Versa also allows you specify a price for each customer, if you like. Maybe they are a special customer, they've got a price, maybe the best price you can give. But typically, people put customers into different pricing levels so this way, they can better control and update the prices."
"Now, lets go over how to create a purchase order. You would go to orders menu, then click on New PO. In this case, I know exactly the quantity I need to purchase for my inventory item, however, we also have a separate tool called PO planner. Under orders Menu, PO planner. That will allow you to look at the inventory in the system, look at your sales order situation, and then look at outstanding purchase orders and work orders. Versa then recommends the quantities you need to order."
"From there you choose the supplier, we're going to buy from ABC Corp. There is some header information here, we can enter where the inventory should be sent to. So, in my system, I have multiple warehouses. A warehouse in Versa Cloud is called a facility. So, I'm going to say that this will be shipped to our main facility. You can also put an internal reference here if you like. This is for your own information. Now you can create the purchase order. After the purchase order is created, you can put the product into the PO. You just need to type in a few letters about the product, either the description or the part number, to bring up the product list. The system also displays the product picture. As an example, for this golf driver, I'm paying my supplier 150 dollars for it."
"There are some additional fields you can enter. You can enter the delivery date and ship date of this item if you know it when you enter the purchase order. If you don't know it, then you can enter them later. We also have Note A and Note B, as additional note fields for you to use to communicate whatever information you want to the supplier. This form itself is customizable, so you can choose to hide the fields that you don't use."
"Versa can also handle taxes. Taxes can be set up beforehand, so that is auto-populated. Then you are going to add the items. For purchase orders, if you want, you can print them. The printed version is customizable as well. You can customize the layout, customize the colors, the font size etc. Purchase orders can also be emailed. When you email the purchase order, the order itself, will be attached as a PDF. It will send the purchase order to your supplier. For the inventory to arrive at your warehouse, the receiving clerk will need to come into Versa Cloud and then do the receipt of the order."
"So to receive the order, you need to go to logistics, new receipt. You than choose the name of the supplier You may filter by the order number. If what you received are the full quantities that's on the purchase order, you can just leave quantity that are populated by default. If somehow, you got a partial shipment, you can enter the actual quantities received. The system will be able to track that. After receiving your purchase order, you will have some inventory in the system. You can confirm this by looking up the product. Click on products menu, then product search. To complete the purchasing process, we also need to pay for the new inventory. To do this, you go to bills menu, new bill. You choose the supplier that you purchased from and enter the bill details."
"Now, we also have a shortcut where instead of typing in everything that's on this invoice from the supplier, you can actually create a bill from the shipment received record that you just created. So you click on “choose to link all lines for (po number) Then choose this line, and create line items. What will happen is it will bring the details based on the shipment receipts that were posted to the bill. This way, if you have a really long PO, the entire PO can be brought into the bill in one click. You can choose to post the bill if this is going to be paid later. If you want to record payment right away you can do a post and pay, and then the bill and the payment will be posted the same time."