What Does Indent Stock Means? When a car salesman tells you that he has to indent the car for you. It simply means that the shop does not have that particular car in stock with them and they would need to order the car for you.
What is indent in inventory?
What is indent in Inventory? Print. Modified on: Thu, 24 Sep, 2015 at 3:06 PM. Indent is basically a letter raised by employees of an institute asking for materials needed which are present in the store. The indents can be raised by any employee when he requires item from the stores. Did you find it helpful?
What is purchase indent and why is it important?
Purchase Indent helps imbibe a culture of planning purchases in advance to ensure availability of material on time as well as keeps a check on ad-hoc purchases. This is also helpful when the prices of items are market controlled and fluctuate daily.
How do indent sales work?
Generally, the middleman is paid after the sale by a commission, and these sales are known as indent sales. ... Indent sales are an efficient means of a producer establishing a foothold in a market in which it does not have an established presence.
What is an indent order?
An indent order includes terms of the sale, which might include payment on receipt and inspection of goods, or payment of half upfront and half on approval, or the right to return goods within 30 days for full payment.
What is an indent purchase?
An Indent is a purchase order often placed through an agent (indent agent) under specified conditions of sale. The issue of a purchase order does not itself form a contract. If no prior contract exists, then it is the acceptance of the order by the seller that forms a contract between the buyer and seller.
What is the purpose of indent?
Indenting text adds structure to your document by allowing you to separate information. Whether you'd like to move a single line or an entire paragraph, you can use the tab selector and the horizontal ruler to set tabs and indents.
What is indent and inventory?
Indent is basically a letter raised by employees of an institute asking for materials needed which are present in the store. The indents can be raised by any employee when he requires item from the stores.
What is the process of indent?
Indent creation is the first step of tendering process. By the indent, department analyzes the need of services/goods and cost estimation. Department user who has the privilege to create new indent can create indent(s) and send it to authorized person in department for approval.
What is indent example?
The definition of an indent is a space that is left when a block of text has been spaced inward further than surrounding text. A space left when you "tab" to move text inward in a word processing program is an example of an indent.
What is an indenting company?
Business Model of Indenting Indenting entails rendering services as an agent between buyers and sellers. The agent sources goods from a variety of suppliers for buyers as per the requirements specified by the buyer. The best deals are always god quality with lowest rates.
Who is incharge of indent payment?
This is prepared by the Store in charge and later signed and verified by the Finance department. After the approval, the particular product is asked for PO. Indent is a sort of order for selling or purchasing commodities.
How do you make a purchase indent?
In order to create Purchase Indent, the user is given a menu under Purchase ‣ Purchase Indent. Select a product category, which will be used in filtering products by selected category. Only those products will be listed under products which belong to the selected category.
What is a Purchase Indent ?
Purchase Indent is an internal document used by companies to authorize the requisition of purchase of raw materials, consumables, capital items, etc. needed by the company. It is usually prepared by the store-in-charge for the replenishment of stocks or by end-users of the department for new requirements. It provides detailed information about :
Why the need for a Purchase Indent?
Purchase Indent provides all details about the items required, make, specifications, units, expected date, estimated prices, etc. When all this is formally documented and agreed upon, it helps provide complete clarity and ensures that everyone agrees that the right materials are being ordered as per specific requirements.
What does the Purchase Indent look like?
Purchase Indent can be prepared in hard copy in Word Format or Excel Format, or prepared as online forms via ERP and a soft copy can be sent to various approvers online via Email/SMS
What Information is included in the Purchase Indent?
The information contained in a Purchase Indent can be classified into 2 categories. First is the information about the Indent itself – that includes number, date, type, requested by, created by, authorization date, and so on. The second part covers the detailed and clear specifications of the purchase request. Let us look at each one.
What are the benefits of generating Purchase Indent via ERP?
With the help of ERP Software, a lot of activities relating to Purchase Indent can be automated. It saves a significant amount of time, and effort and also makes the entire process from raising the indent to the receipt of goods completely traceable and auditable.
Summary
Purchase Indent is a formal document to authorize the requisition of materials for creating a purchase order. It can be prepared online via ERP or in Word Format or Excel Format. It is a crucial document that helps manage inventory better and establish material requirement discipline within an organization.
The Agent or Rep
An indent sale starts with the person making an order using an agent or representative to place an order with a supplier. As an example, if you want to sell purple widgets on Amazon, you might need to find a supplier who makes purple widgets, or who stocks them (purchasing them from a manufacturer).
The Purchase Order
With an indent sale, you create a purchase order. This is a written or digital document that outlines the terms of the purchase, including the item (s), amount, type, cost per unit, total cost, taxes, shipping, payment method, terms and payment date. An indent agent will know how to create a purchase order for a supplier.
An Indent Sale
An indent sale occurs when a third-party agent places an order – typically with a supplier – on behalf of a client who will be the seller of the ordered item (s). Indent orders often occur during international transactions, with a retailer using an agent to order items from foreign suppliers.