Why is it needed?
All the companies have their procurement history with data. The procurement data should be analyzed.
To make the correct business decision, companies analyze their spendings by such parameters as:
- General ledger accounts
Procurement data interpreted by these parameters allows answering on couple business questions:
- With what suppliers we work in general and what supplier's relationships take a risk
- Which categories we've spent the most
- Which departments/projects take a more significant part of a budget
- Do we under or over the budget
- What types of Expenses we have
If you want to see your procurement data that way, you'd better use Custom Fields for Products and Custom Fields for Documents.
How do I apply this information to my procurement process?
The main difference:
- Custom Fields for Products are assigned to the products. Usually, this is the list of Charts of Accounts/Cost Centers or other custom fields.
- Custom Fields for Documents are assigned to the users and documents. Usually, this is the list of Departments/Projects or other custom fields. They can be used in your documents, budgets, approvals, and access limitations.
These are the right ways to use Custom Fields for Products and Custom Fields for Documents:
- Do you need to know the General ledger account code while approving Purchase Orders/Invoices?
If yes, take your General ledger codes and add them to the Custom Field for Products.
This Custom Field should be available in Products, Purchase Orders, and Invoices.
- Do you need to see the General ledger codes in Invoice/PO exports, but you don't want to see them in documents?
Add them to the Custom Field for Products and make this Custom Field available in products.
- Do you need to see the departments or projects while approving Purchase Requests/Orders/Invoices?
If yes, take your Departments or Projects list and add it to the Custom Field for Documents.
Then configure the access to the Document Custom field for each user.
- Do you need to have custom requisites in the Requests/Orders/Invoices?
If yes, set up the text Custom Field for Document.
How it works when available in all documents?
You can edit Custom Fields for Products/Documents right in your documents.
Please note that there is a sequence of created documents:
- Purchase Requisition
- Purchase order from a Purchase requisition
- Invoice from a Purchase order
- Receipt from a Purchase order
Due to sequences, Custom Fields work in such way:
- All values of Custom Field for Documents will be copied from the parent document.
- If you have Custom Fields in products, the value will be copied from the product while adding a product from the catalog.
- But if you are creating a PO from the PR, the value of the Custom Field for Products will be copied from the parent document (PR)
How to set up Custom Fields for Products and Custom Fields for Documents?
- Follow this link to read more about the functionality of Custom Fields for Documents
- Follow this link to read how to set up Custom Fields for Documents
- Follow this link to read how to set up Custom Fields for Products