Unformatted text preview: a service by a certain date by creating a purchase requisition. The company and vendor agree upon a quantity of material, price, and delivery date in the legally binding form of a purchase order. The received materials must be processed in order to receive the material into inventory and update the quantity records for the material by creating a goods receipt. Next, an invoice receipt is created to link between the Materials Management and the Financial Accounting, Controlling, and Asset Accounting components of the Materials Management system. When the payment is due, you must c lear the invoice amount by posting an outgoing payment using the bank account of your chart account....
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- Spring '10
- bank account, Purchase order, materials management, Asset Accounting components