Terminology

1.Material Requisition: It is a document that the production department uses to request materials for manufacturing process.

2.Material Voucher: It is used to record the material issue; material receive or material transfer. There are three types of material vouchers-

•Goods Issue(GI)

•Goods Receive(GR)

•Transfer Posting(TP)

3. Quantity Debit Note: When we received shortage of quantity of goods, we will raise this note from Inventory.

4. Consignment Stock: That are in your possession but ownership lies with the vendor.

5. MM: Material Management

6. Material Indent: It is a document prepared by the user of material requesting the purchase department to place the order with the supplier for the particular material indented.