Course Content

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Course Content

FAQs

The types of procurement transactions include:

  • Quotation: A proposal for the purchase of goods and services from a supplier.
  • Sole source: When one party is awarded a contract without any other bids being received for that specific project.
  • Competitive bidding: A process where multiple suppliers are invited to submit proposals with prices and specifications before awarding a contract to one of them.

Procurement transactions are used to buy and sell goods in Tally. They are used in different ways such as receiving, acquiring, selling, transferring, and disposing.

Key steps in a procurement transaction:

  • Identifying the need for a product or service
  • Negotiating with suppliers
  • Selecting and contracting with an agency
  • Choosing and negotiating with contractors

The most important part of Tally is its transaction system which allows users to generate purchase orders, invoices, and receipts. The system also helps in generating discounts, pricing, payment terms and more.

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