Smooth and accurate order fulfillment is extremely important to the process, and in addition to making for a strong buyer-vendor relationship, the associated documentation is helpful for any auditing or reporting needs. The PO is compared against the vendor invoice and given to accounts payable along with the goods received note in order to confirm a three way match and complete the order. The vendor invoice is different, and may also include the shipping method and delivery date which can be used to track inventory. The purchase order is created after the purchase request is approved, and includes a unique PO number, contact information, the order and quantity, as well as the payment terms and agreed upon price. This official document is critical to the procurement process and is used by the vendor to accurately issue a purchase to the buyer. What is The Purchase Order Process Used For? The first place you want to start-and rightfully so-is with the important process of issuing purchase orders. With your business moving forward fast, you’ve surely realized it’s time to level up your purchasing and procurement processes. Everything you need to know to implement a new purchase order process successfully
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