These settings are specific to use of the PO and Inventory modules:

Inventory Group: Used to organize inventory items to be used for look-up and reporting.

Inventory Locations: General locations where inventory items are stored.

PO Status: Used to define the various stages of a Purchase Order to be used for look-up and reporting.  Right-click to create a new status.

PO Report Settings: Vendor POs include a number of sections that can be personalized.  The Company Address Block will be what you want to appear as the purchasing company.  Ship To provides an option of designating alternate shipment addresses (right-click the ship to space when <none> selected to add a new receiving address).