Purchase Orders (or POs) are records used to document the transaction between a supplier and a buyer. From a retailer’s perspective, a purchase order will include pertinent information such as the specific goods that you will be purchasing, as well as the agreed upon price point and delivery date.
By utilizing purchase orders, you streamline the purchasing process, as well as have a legal document that helps avoid messy situations like incorrect stock order or prices.
With that in mind, Hike gives vendors a robust POS solution that has built-in purchase order capabilities, making it easy for you order stock. It even includes features such are re-order points so that you will always be notified when stock is low, and best of all it’s easy to set up!
Before we look at how to add, edit and delete Stock Purchase Orders in Hike, let’s take a look at the Purchases section in Hike itself, to give you an overview on how the screen is presented so that you can easily understand the information.
To begin, select Inventory on the Hike menu and navigate to the Purchases screen.
This is where you’ll find all your existing Purchase Orders, and where you’ll be able to create or edit POs, as necessary.
Use the FIND search bar to search for existing Purchase Orders. The best way to do this is via the Reference number – so make sure you keep a copy of the newly POs you create!
Select +ADD NEW to begin a new Purchase Order in Hike.
The Inventory Purchase List View is in reference to the columns occupying this section. Below we’ll go through what each column means:
The Purchase Order’s reference number. A simple way to identify a purchase order, by supplying it with a unique reference number.
Note: By clicking on the reference number you open the Purchase Order itself, enabling you to view or edit it, depending on its status.
The date on which the Purchase Order was placed.
Where the stock is to be delivered to. If you have multiple outlets, you would choose one outlet to send it to and create another Purchase Order for stock to be sent to the other store.
The name of the supplier you are purchasing from.
The status of your Purchase Order – whether it's open or closed, received or partially received.
In this section, we’ll cover just how to add a new Stock Purchase Order to ensure that your inventory is replenished effortlessly and on time.
And when it comes to creating POs, Hike’s sophisticated POS solution is the best in the business, providing vendors with an intuitive system that can add, edit and delete Purchase orders in just a few simple clicks.
To begin, select Inventory from the Hike menu and navigate to the Purchases screen.
Click on the +ADD NEW button to start creating your Purchase Order in Hike.
From here, the Purchase Order form will load, providing you with the details to complete the various sections of the Purchase Order so that you can action it. You can always edit these details at any time – up until the PO has been marked as Completed.
The Purchase Info section of the PO, allows retailers to confirm what stock is ordered, from whom, and where it will be sent to. Hike requires all sections to be filled out for a Purchase Order to be created.
Select from the drop-down box, the supplier form which you are adding stock from. If your supplier is not listed, you will need to add the Supplier via the Inventory >>> Suppliers section from the Hike Dashboard.
Find out how more on how to add Suppliers to Hike
Select from the drop-down box, the outlet you want the stock to be delivered to. If you have only one stock, then you will not need to select the box.
Enter a reference number for your purchase order as an easy identifier to refer to your PO by. Hike allows any combination of letters or numbers, up to 50 characters. You cannot duplicate a Reference number.
Note: If you sync Hike with other 3rd party programs, they may have their own limitations on the length of reference #, or characters used.
Selecting this option restricts the Purchase Order to only order stock from the Supplier that has been chosen.
Use this search bar to find the products that you will be ordering in this Purchase Order.
Note: If you have ticked Find / Auto-fill only these supplier-linked products, the only items you will see will be that of the selected Supplier.
By ticking this box, Hike will automatically fill the Purchase Order with the products which have reached the order level.
Now that you have added stock items, it’s time to edit the quantity on the Order Items List View.
The name of the Product you selected. If incorrect, click on the X at the end of the line to delete it from the Purchase Order.
Edit the quantity to be ordered (will default to the pre-order amount if set up).
The quantity of the stock you have received.
The cost of the products will auto-populate to one of the cost fields, depending on whether you have ticked "Item costs defined on product page are tax-inclusive cost prices" option in Store setup >>> General >>> General Rules.
Changing the cost price will prompt Hike to ask you whether that is a permanent or temporary cost price change.
Choose the applicable tax rate from the drop-down list. The default purchase tax is what you have set for the supplier on the supplier page.
If you are receiving any discount for the products from supplier, you can apply (Percentage and $ value discount) for each product here.
You can choose whether you wish to show the retail price of the product on the Purchase Order or not.
If the above option is selected in General settings, you will be able to see the details about the Retail pricing by clicking on the Received price.
Moreover, you can also choose whether you wish to show the ‘Retail price excluding tax’ or ‘Retail price including tax’ in the Purchase Order. You can change that setting from the General settings under Store set up > General. Refer to the below screenshot for reference:
If in the above setting, “Tax inclusive price” is selected then the Retail price will show including tax in the purchase order. Or else, if the above setting is unselected then the Retail price will show excluding tax in the purchase order.
Quantity x rate = total cost.
Automatically included in the Purchase Orders, is the cost for freight. Enter the freight cost into your Purchase Order and choose the applicable tax-rate from the drop-down box.
Add any notes that you want to be seen by your Supplier. You can search the purchase order by notes which you entered here.
There are several ways to save your Purchase Order:
Save your progress but does not send or update stock levels. Updates in the Purchase Order list, with the status of Draft.
Save your progress & opens an email template to send to supplier. The email can be copied to yourself or others. Updates in the Purchase Order list, with the status of Sent.
Save your progress & opens the print settings to print a Purchase Order Updates in the Purchase Order list, with the status of Open.
To EDIT your new (or any) Stock Purchase Order in Hike, simply click on the Reference Number of the Outlet in the Reference column or use the FIND search bar by entering its reference number.
Once you’ve found and selected the Purchase Order you want, the Purchase Order Information Screen will appear, with all the details pertaining to that PO.
From there, you can edit the PO’s details.
Click SAVE once you are done.
When you re-open a saved purchase order, you will have the option to delete it.
Let’s run through how you would delete a PO in Hike, should you need to.
To begin, select Inventory from the Hike menu and navigate to the Purchases screen.
Once there, select or find the Purchase order you want to delete, by simply clicking either the reference number of the PO or by searching for in the FIND search bar – the same process as editing a PO.
Once you reach the Purchase Order edit screen, at the bottom left corner of the page is the button DELETE THIS PURCHASE ORDER, which you’ll need to select.
A pop-up window will appear asking you to confirm the deletion.
Click CONTINUE to proceed with the deletion of the PO.
Important: Hike does not recommend deleting a Purchase Order that has already been received or partially received.
If, however you do decide to delete a received PO, a pop-up window will appear warning you of the consequences of deleting an already finalized Purchase Order.
If you wish to continue with the deletion, select CONTINUE, otherwise hit CANCEL.
Once a Purchase Order has been fulfilled (or partially fulfilled), you will need to record it as Received (or partially received) in Hike.
To begin, select Inventory from the Hike menu and navigate to the Purchases screen. and select the Open or Partially Received Purchase Order that needs to be received.
Once you have selected the Purchase Order, scroll to the Order Items where you will now see a Receive button. Click on the Receive button to bring up a new dialog box.
Here, you will see the products that are due to be delivered on the selected Purchase Order, as well as:
The quantity of items due to be delivered.
How many have already been delivered.
How many you are currently receiving.
Enter the number of items of the product you are receiving in the Receive box, and click on the RECEIVE NOW button.
Alternatively, if you have multiple items that you are receiving, you can select RECEIVE ALL button, located at the top-right, to mark all the items instantly.
Once done, you will now see the RECEIVED icon appear on the Inventory Purchase screen, and your Purchase Order list as RECEIVED/CLOSED.
If you have an order that you are only partially receiving, simply enter the value of the amount of stock that you will be receiving at the time, and select the PO once the rest have been delivered.
On the Purchase Order screen, the PO will appear as Partially Received.
Note: If you are no longer going to receive the remained of an ordered item, simply click on "Save as closed" and Hike will remove the remainder of the quantity from the ‘awaiting’ list. If you integrate with Xero or QuickBooks Online, Hike will send only the received quantity to your accounting software.
A new feature of Hike is to give retailers the option to update the product cost price when creating a new Purchase Orders.
Indeed, changing the cost price of a product may arise from several different reasons including:
Whatever the reason may be, users may find themselves needing to update the cost price on the Purchase Order itself.
In doing so however, Hike will need to determine whether this is a temporary or permanent cost price change in 3 ways:
Let’s walk through how you’ll go about, firstly, changing your cost price in Purchase Orders, and setting up whether it is a temporary or permanent change.
To begin, select Inventory from the Hike menu and navigate to the Purchases screen, and create a new Purchase Order.
After selecting the item/s to be included in the PO, head to the Cost price to change it from its existing price.
If you change the product cost price at the time of creating a new purchase order, Hike will ask you if this is a temporary or permanent change of the cost price for the item/s.
If it is a permanent cost price change, the new item cost will be automatically updated on its profile page.
You will also be able to define whether the updated selling price is in line with the new cost and profit margin, or whether you’d like to keep the selling price unchanged and simply only adjust the margin.
Click CONTINUE to proceed with either the temporary or permanent cost price change, or cancel to revert the change.