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What do the different purchase order states mean?

Open-The purchase order is in a draft state. It can be edited and updated.

Sent-The purchase order has been sent to your supplier to be prepared for delivery.

Dispatched-The order is being delivered. The order state will now be 'in transit'. The products in the order will be noted with a truck icon.

Received- The order has arrived at your store. The inventory of products in the order will be updated accordingly.