Purchase Events
- Purchase Events are recorded each time you receive a Line Item on a Purchase Order.
- A Purchase Event is a detailed list of Product Quantities and Values that were received in a single shipment.
- A single Purchase Order may have many associated Purchasing Event records.
- Whereas a Purchase Order is really just a communication between you and your Vendor, Purchase Events are the transactions that will post to the General Ledger.
- A posted Purchase Event will debit a holding value to Inventory and will credit the Accrued Inventory Payable (i.e. Inventory Holding) account.
- In effect, this is the value of your Inventory pending the entry of the Vendor Invoice during the Voucher Process.
- When you Voucher the Vendor Invoice, (in basic terms) AV will debit the AIP account and credit Accounts Payable. There are more complicated debits & credits that occur when the Vendor's Invoice does not match the Purchase Order.
- If you receive a Purchase Event incorrectly (but it has not yet been posted or Vouchered), you can void the Purchase Event and AV will re-open the PO Line Item so it can be received correctly.
1. Open the Purchasing Event window.
Navigate to Purchasing ➤ Purchasing Events
2. The Purchase Event window.
- Post: P = posted; NP = not posted
- ID: An internal number assigned by AcctVantage.
- Event Date: The date that the Purchase Event was posted.
- PO ID: The ID of the associated Purchase Order.
- Vendor Name: The name of the Vendor on the Purchase Order.
- Holding Value: The value of the Inventory received, based on the Purchase Order, pending receipt of the Vendor invoice.
- Entered By: The name or title of the User who entered the Purchase Order.
3. The Purchase Event record
Purchase Event
- ID: The internal number of the Purchase Event record.
- Total Value: The total cost of items on the Purchase Order.
- Event Date: The date the Purchase Order was posted.
- Entry By: The name of title of the User who entered the Purchase Order.
Purchase Order
- Number: The internal number of the Purchase Order.
- Vendor Name & Code: The company from whom items on the Purchase Order were ordered.
- Date: The date the Purchase Order was entered.
- Warehouse: The Warehouse in which the ordered items will be stored.
Inventory line items
- Part Number: Your company’s Part Number for the ordered item.
- Product Name: The Product Name of the ordered item.
- Quantity: The quantity of Product units ordered for that line item.
- Value: The monetary value of the Products ordered for that line item.