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In a layman term, Sourcing & ASL is a concept through which you can source items from a set of known Approved Supplier List. In simple words, this tells about where you can source certain items and from which suppliers ..
Rule is derived based on Supplier/supplier site.
Hope it helps.
To add to SP Dash's answer,
As a thumb rule,
Sourcing rules tell you the supplier.
ASL tells you the price and release method.
You also asked
where is the linkThe link is in the Sourcing Rule assignment screen.
Purchasing > Supply base > Assign sourcing rules.
On this screen, you assign a sourcing rule to an item. This is how Oracle knows which sourcing rule to use for a given item / org /item-org.
Hope this helps
Independent Techno-functional Consultant
Thanks Sandeep!!! for clarifying the link which I earlier thought as Supplier/Supplier site.. Sourcing rule assignment is the catch...