Purchase : A product or service that has been bought by an individual or business.
Buying Price : A purchase price/buying price is the price an investor pays for an investment, and the pricebecomes the investor’s cost basis for the calculation of a gain or loss when the investment is sold.
PR/MR Request : Document generated by a user department or storeroom-personnel to notify thepurchasing department of items it needs to order, their quantity, and the timeframe. It may also contain the authorization to proceed with the purchase. Also calledpurchase request or requisition.
Purchase order : A purchase order (PO) is a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services. It is used to control thepurchasing of products and services from external suppliers.
GRN(Goods receive Note) Your GRN acts as internal proof of goods received to process and match against your supplier invoices/purchase orders. The goods receipt note is an internal document produced after inspecting delivery for proof of order receipt. Generally produced by your stores team.
Purchase Invoice : A commercial document or bill presented to a buyer by a seller or service provider for payment within a stated time frame that indicates what has been purchased, in what amount and for what price. A purchase invoice can be used to prove that something was bought and how much was paid for it.
Cash purchase : Cash purchase refers to a property acquisition with no financing. It is important forpurchase contracts to specify if there will be a cash purchase or a financedpurchase, because the two represent different responsibilities on the part of the closing company.
Purchase Return : A purchase return transaction is when the buyer of merchandise, inventory, fixed assets, or other items sends these goods back to the seller. Excessive purchase returns can interfere with the profitability of a business, so they should be closely monitored