Procurement & Asset Glossary

Plain-language definitions of every term you'll encounter from sourcing to asset disposal — written for Indian procurement, finance, and audit teams.

Featured terms

Audit

VTR — Verify, Tag & Reconcile

TRAXX's proprietary three-phase mobile-led methodology for physically auditing fixed assets and reconciling them against the asset register.

Read definition →

Strategy

Source-to-Retire (S2R)

A full-lifecycle procurement category covering vendor sourcing through asset disposal — going beyond P2P's payment endpoint.

Read definition →

Compliance

CARO 2020

Companies (Auditor's Report) Order, 2020 — auditor's reporting framework for fixed assets, inventory, statutory dues, and related-party transactions.

Read definition →

Compliance

Schedule II — Useful Life of Asset

Schedule II of the Companies Act, 2013 mandates the useful life of every fixed asset class for SLM or WDV depreciation.

Read definition →

Compliance

IND AS 16 — Property, Plant & Equipment

Indian Accounting Standard 16 — recognition, measurement, depreciation, and derecognition of Property, Plant & Equipment.

Read definition →

GST

GSTR-2A Reconciliation

Monthly process of matching purchase invoices against GSTR-2A/2B — the gate for legally claiming GST Input Tax Credit on the GSTR-3B return.

Read definition →

Procurement

Three-Way Matching

The AP control that compares PO, GRN, and supplier invoice before releasing payment — primary defense against duplicate or inflated invoices.

Read definition →

Procurement

Request for Quotation (RFQ)

A formal competitive bidding document sent to pre-qualified vendors to solicit price quotes — supported in TRAXX with reverse auction capability.

Read definition →

Governance

Delegation of Authority (DOA) Matrix

The board-approved document specifying who can authorize what procurement transaction, up to what value, and under what conditions.

Read definition →

All terms (A–Z)

A 5 terms

Asset Disposal Process The end-of-life workflow that retires a fixed asset — proposal, approval, valuation, buyer/recycler, gatepass, derecognition, and post-disposal evidence. Asset Gatepass The controlled-exit document authorising a fixed asset to physically leave a company's premises — for transfer, repair, demo, separation, or disposal. Asset Tag (Barcode / RFID) The unique-ID label affixed to every fixed asset linking the floor to the register — barcode/QR for office IT, RFID for warehouses. Asset Allocation Workflow The formal process of assigning a fixed asset to a custodian, location, and cost-center — the first event in an asset's working life. AMC — Annual Maintenance Contract A time-bound service agreement covering scheduled maintenance and breakdown support for defined assets — OpEx, tracked against asset records, renewed annually.

C 3 terms

CARO 2020 Companies (Auditor's Report) Order, 2020 — auditor's reporting framework for fixed assets, inventory, statutory dues, and related-party transactions. CPCB Rules Central Pollution Control Board pollution-control rules — e-waste, plastic, battery, and hazardous waste — that procurement and asset teams must satisfy. CapEx vs OpEx Procurement The accounting distinction between Capital Expenditure (balance sheet, depreciated) and Operating Expenditure (P&L, immediate) — with different approval chains and tax treatment.

D 1 term

Delegation of Authority (DOA) Matrix The board-approved document specifying who can authorize what procurement transaction, up to what value, and under what conditions.

E 1 term

E-Waste Compliance India The legal framework — E-Waste Rules 2022 plus CPCB EPR portal — governing how Indian companies must dispose of end-of-life electronic and electrical equipment.

F 1 term

Fixed Asset Register The per-asset record of every capitalised fixed asset — feeds Schedule II depreciation, CARO 2020 audit, and IND AS 16 recognition.

G 2 terms

GSTR-2A Reconciliation Monthly process of matching purchase invoices against GSTR-2A/2B — the gate for legally claiming GST Input Tax Credit on the GSTR-3B return. GST Input Tax Credit (ITC) The credit a registered buyer takes on GST paid to a supplier — claimable only when the invoice appears in GSTR-2B and goods have been received.

I 1 term

IND AS 16 — Property, Plant & Equipment Indian Accounting Standard 16 — recognition, measurement, depreciation, and derecognition of Property, Plant & Equipment.

P 2 terms

Purchase Requisition (PR) The internal document that kicks off the procurement cycle — raised by the requesting department, approved through the DOA chain, converted into a PO once authorized. Procurement Audit Checklist The verification framework used by auditors to confirm procurement transactions followed policy, regulatory requirements, and financial controls.

R 2 terms

Reverse Auction (Disposal) Competitive bidding where buyers bid up the price for an asset being disposed — typically recovers 30–60% more than single-quote scrap sales. Request for Quotation (RFQ) A formal competitive bidding document sent to pre-qualified vendors to solicit price quotes — supported in TRAXX with reverse auction capability.

S 2 terms

Source-to-Retire (S2R) A full-lifecycle procurement category covering vendor sourcing through asset disposal — going beyond P2P's payment endpoint. Schedule II — Useful Life of Asset Schedule II of the Companies Act, 2013 mandates the useful life of every fixed asset class for SLM or WDV depreciation.

T 1 term

Three-Way Matching The AP control that compares PO, GRN, and supplier invoice before releasing payment — primary defense against duplicate or inflated invoices.

U 1 term

Useful Life of Asset — India The period over which an asset generates economic benefit, determining the depreciation schedule — governed by Schedule II, IND AS 16, and IT Act.

V 3 terms

VTR — Verify, Tag & Reconcile TRAXX's proprietary three-phase mobile-led methodology for physically auditing fixed assets and reconciling them against the asset register. Vendor Onboarding India End-to-end supplier registration including GST/PAN validation, MSME check, bank verification, and compliance assessment — incomplete onboarding creates ITC risk. Vendor Evaluation Scorecard Weighted multi-parameter rating framework for measuring supplier performance across quality, delivery, price, responsiveness, and compliance.

More terms added every week — bookmark this page.

Want a tour built around your industry?

See how TRAXX handles every term in this glossary, end-to-end. Book a 30-minute demo.

Schedule a Demo Contact Sales