Creating Purchase Contracts for New Vendors or Revised Pricing

• Select the item that needs a purchase contract or updating pricing.
• Go to the costing subtab of the item record.
• Update the Planned Purchase Price to the go-forward pricing and enter a comment on why the pricing changed.
  • NOTE – Since we are on an average cost system now, the planned purchase price comment will help those looking at the cost know why there is a difference.

Original Planned Purchase Price Screenshot

Updated Planned Purchase Price and Comment Screenshot

• Continue to the Vendors option in the Costing subtab to update as necessary, then Save.
  • NOTE – If changing vendors, click EDIT add the new vendor and make them preferred. Then uncheck the preferred old vendor (there can only be one preferred vendor for an item). Do not add a purchase price as you will be creating a Purchase Contract.

• If the item has an existing (approved) purchase contract, you must close it first before creating a new one.

• Right click on the date of the approved contract and select “open link in new tab”

• Add an end date on the purchase contract to make it expire.

• Go to the Vendor Quotes option and select “New ADV – Vendor Quote.”

• Enter the new vendor quote information.

• • Add vendor
  • Quote Date
  • Effective Start Date / Today’s Day
  • Check Official Quote if necessary
  • MOQ (full carton quantity)
  • MOQ lead time for production only (in days)
  • MOQ total lead time (in days)
  • Tooling cost if applicable
  • Quote Qty 1/Cost 1 FOB: Enter 1 as your quantity/cost
  • Quote Qty 2/Cost 2 FOB: Enter in the next price break quantity (full carton quantity) and FOB (continue for each price break given)
  • Fill in any additional information as necessary
  • Press SAVE
• Go back to the Costing/Vendor Quotes and click “edit” by the quote you just entered

• Press “Create Purchase Contract”

• • NOTE – You will then get a notification that it is processing and then will be redirected to the Purchase Contract for review.