Building a trade is a fundamental activity that unlocks many of the most valued features of KLEAR, including collaboration, capital solutions, trade management and business intelligence. Each trade you build will start with a purchase order received from a customer. Building a trade is the simple process of capturing—as data—the parties, dates, activities, and flows of goods and funds involved in turning that purchase order into an account receivable.
“Milestones” are the basic building blocks of a trade. Some trades have only a few milestones and others have many. A trade is initiated by uploading a purchase order and saving it. Trades may be created in draft state and new milestones and documents can be added to a trade as information becomes available.
Here's how to get started:
1. Click on the Trades tab. All active trades will appear.
2. To start a new trade, click +New Trade and fill out required information.
Every trade begins with a Purchase Order issued to you by a customer. Upload the Purchase Order document and enter the following details from it:
Now that you have entered your purchase order, you can build out the project plan for your trade by creating a series of milestones. Trades include both operational and financial milestones. Operational milestones relate to the movement of goods and financial milestones relate to the movement of money.
You must create and publish an operational milestone before you can add a financial milestone.
Because each financial milestone always relates to a specific operational milestone, you may find it easier to create all your operational milestones first as a framework and then add the financial milestones to them.
Operational Milestones: Choose the milestone type that most closely matches the activity you are trying to capture. For anything involving ordering from your suppliers, choose "Manufacturing", for trades involving international shipping as well as in-country shipping by different logistics providers, use "ShippingDelivery" for international, and "InlandShipmentLastMile" for domestic shipping. For customs and tax clearance at borders, choose "Clearance". For final delivery to your customer, choose "Delivery".
3. After selecting a milestone, fill out all required fields, choose the relevant supplier from your network from the Supplier drop-down list and click Create. If you don’t see the supplier you’re looking for in the list, you may need to add them to your network using the instructions here. After an operational milestone has been created and saved, it will appear under Trade Activity and its dates will generate notifications on your Trades dashboard and by email to members of your team who are subscribed to email notifications.
Financial Milestones: Choose the milestone type that most closely matches the financial activity you are trying to capture. Select “Invoice” when you are invoicing someone, and select “PaymentSettlement” when you are either paying someone or receiving payment from someone (as in the payment from your customer for your final invoice.)
When there is a change to the activity of either an operational or financial milestone, log the update by clicking Milestones Updates and filling out all required fields.
All information and attached documentation from the update is accessible under its corresponding milestone and/or by clicking the Files tab.