What Are The Steps Required To Setup And Transact Consigned Orders in Purchasing ? [ID 428100.1]
Consignment is a business practice whereby the supplier and buying organization agree that items will be delivered to the buying organization but the supplier will not send an invoice (and thus no payment will be made) until the items have actually been consumed. Consumption normally occurs when the items are used up in WIP or are sold by the buying organization but other scenarios are possible. When consigned goods are received, the normal accounting transactions are NOT effected. From a business perspective this means that the supplier is temporarily storing these goods in the buying organization’s warehouse. The supplier’s liability is not affected and the buying organization’s material asset accounts are also not affected until the items are consumed. At this point, the normal accounting transactions are fired as if the items were received at the time of consumption.
From the Oracle Inventory Consigned Inventory from Supplier Process Guide :
Consigned Inventory from Supplier exists when inventory is in the possession of one
party (a dealer, agent, distributor, and so on), but remains the property of another party
(such as the manufacturer or primary contractor) by mutual agreement. Consigned
inventory from Supplier refers to one type of consigned inventory practice where you
receive and maintain goods belonging to one or more of your suppliers.
PO: Supplier Consigned Enabled
Yes or No indicates whether inventory consignment from supplier features are enabled
in Oracle Purchasing
PO: VMI Enabled
Oracle Vendor Managed Inventory: Yes or No indicates whether Vendor Managed
Inventory (VMI) is enabled in Oracle Purchasing.
Vendor Managed Inventory (VMI) is a procurement and planning practice in which a company delegates key inventory management functions to one or more of its
suppliers. Under this arrangement the supplier determines the items, quantities, and delivery schedules on behalf of the customer based on information it receives from
the customer’s inventory and procurement systems. Using VMI, manufacturers and distributors can anticipate customer needs and provide inventory more proactively
than is possible using traditional procurement methods.
For the supplier:
• The ability to access customer on-hand quantity information, minimum and maximum inventory thresholds, in-transit inventory quantities and expected
receipt dates in order to determine when to ship goods
• The ability to manually execute an approved purchase requisition or blanket release on the customer system and to track the status of the order through
receipt, storage, and consumption by the customer
• The ability to automate replenishment proposals For the customer:
• The ability to differentiate between goods that must be replenished by a supplier from those which are internally planned and replenished
• The ability to perform. tasks such as receiving, inspection, and put-away without regard to the procurement method (there must be no required change in these
practices to support VMI)
• The ability to consume VMI materials in Work-In-Process or to explicitly take responsibility for planning from the supplier as needed
• The ability to better estimate suppliers production schedules based on anticipated demand from the customer.
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