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Purchase & Inventory Management

Prodigious PIMS is a feature rich system that supports all aspects of materials management: - RFQs / Tenders, quotation comparison, various types of Purchase Orders, goods receiving, stock issues, receipts, transfers, vendor returns, third party issue / returns etc.  Management of inventory levels by using Maximum, Minimum, Re-order levels and tracking the consumption pattern of an item. The system is seamlessly integrated with Financial Accounting System including Accounts Payable.



Product Overview and Salient Features

System parameters

Similar to the parameters in the financial management system there are parameters, which the user has to set according to the rules prevailing in the organisation. The user has to define whether a cost sheet is required for PO, the costing method for evaluation of inventory (weighted average or actual cost), & the method of issue of items (LIFO/FIFO).
The user can decide if authorization of PO’s is required. In case the user decides to have the authorization he can select the number of levels of authorization.
The user has the option to decide for each and every document in the system whether he would like to have manual / auto numbering system or a combination of both. This option has to be selected while setting the inventory parameters.
Item master (Groups, Sub Groups, Re-Order Level, Max. Level, Min. Level)
An item master can be created which will be common throughout the organisation. The user can define its own item codes for different type of items under various groups and subgroups. The item master also has the provision of auto generation of code numbers for the items. User can define / view the maximum, minimum and re-order level quantity in the system by item. The user can also define his own formula for determine the re-order level for any item based on its previous consumption. This will help in guarding against the inventory levels going below the defined levels to avoid shortages of items at any point of time.
The item master also records information like the batch number, expiry date, quality check required or not, Economic order quantity, variation %age in quantity from PO, while accepting the materials from vendors.
One can also categorize the items in terms of ABC or VED or FSN items for analysis and reporting purposes.
Vendor Master:
The user can create the vendor master which will be used to record the details of the vendor like address, contact details, items supplied etc. The details relating to tax / duty / registration are also noted in the master. These details are used while preparing a comparative statement of quotations, generating a PO or making payments.
Quotation Entry:
The quotations received from the vendors are entered into the system using this module. Based on the quotations received a comparative statement is prepared.
Comparative Statements & Quotation Management:
The system has the ability to manage and track the inquiries floated and the quotations received against it. The user can prepare a comparative statement of the quotations received from different vendors for different items. Based on the best quote a PO can be directly raised in favour of the vendor.
Purchase Order:
This module is used to create purchase orders for procuring supplies for the organization based on user requisitions. The user can create four types of Purchase Orders:
            General Purchase Order
In this type of P.O. rate, type and quantity of the item may be defined but the time limit in terms of validity or delivery period may or may not be defined.
Rate contract Purchase Order
Under this the pre contracted rate, quantity and time limit (for receiving the purchase order items) all are defined. This P.O. is also issued to those vendors who have valid rate contracts with the organization for the ordered items
Consignment PO

This type of PO is created only when an item (Consignment item) is consumed. The PO is generated on every consumption or as per the parameter set by the user.

PO Validations

The purchase orders can only be issued when an authorized person validates it. The validation levels can be multiple. Each and every level has its own limits for the amount of PO the user can validate in a given period. User can also mention the additional charge details in a separate sheet, which the organization may incur while making the purchase.
Cost Sheet  
Cost sheet handles extra charges levied on an item (not covered in P.O.) when the item is received. These costs could be freight, taxes, customs etc. The cost sheet helps in accounting for the unexpected expenses, which the organization may have incurred as above.
There is a possibility to view vendor performance based on the delivery schedule, rejection, credit days, lead time, no of orders etc.
Store Definitions – Sub Stores – Consumption Locations:
One can create as many stores and sub stores as required in the organization. Each store could be a store or a consumption location. The stocks issued to the consumption location are treated as consumed as soon as they are issued to it.
Store to purchase requisition for PO generation:
The system has a provision to directly send the requisition from the stores to the purchase department for the procurement of indented items. The indented items could be from various departments or from a sub store.
Consignment Goods
The system has the provision to handle the consignment stock. Once an item is taken in as a consignment stock, PO for it is raised only when the item is consumed. Till that time it is not a part of the stock valuation.
Stocks Converted with Value Addition
System has a provision to handle issue of goods outside the system and received back after value addition as a different item.
Goods Received Note (GRN)
The system has the provision to receive goods against purchase order, cash purchases, credit purchases and without purchase order. Goods can be received in any store. Once the GRN is created the item is taken into the stock. User can also use the system to view all the existing good received note (GRN) details in the module. The system can also create GRNs for the consignment items. The GRN number can be manual / auto generated or a combination of both.
In the GRN one can also maintain information of free of cost (FOC) goods, which generally come free along with the main items as a part of promotional schemes.
Once the GRN is entered and saved it has to be validated before it affects the inventory in the system.
There is a provision of cost sheet, which shows the additional expenditure incurred in procuring the items by way of taxes, freight, customs, transportation etc.
There is a provision to enter gate pass no. at the time of creating a GRN.
Adjustment note for settlement for goods received short in internal stock transfers
This module is used for the settlement of all the adjustments as explained hereafter. An adjustment note will be prepared automatically at the time of receiving of any item in any store / department, if the received quantity is less than the issued quantity, or if the user itself accepts less quantity.   
Physical Stock Verification and Adjustment
This module is used for verifying the actual stock with system stock in various stores / departments on a particular date. You can enter the difference between the actual and system stock (either excess or less) if any, and save it. The stock will be updated accordingly and adjustment note created for the variation.
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