Description
Increase your knowledge and enhance your skills with an indepth discussion surrounding the world of purchase orders.
This course will cover the operations of a procurement office and how purchase order systems are used. The topics discussed will give you an understanding of purchasing processes and how to avoid common mistakes. Todays fastpaced demands are requiring a rethinking of the standard paper processes and the use of electronic systems to facilitate decentralized desktop ordering with justintime delivery while weighing the risks to internal controls.
Date: 2023-05-16 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to explain the benefit of using a purchase order system.
* You will be able to identify types of information to include on the purchase order.
* You will be able to review types of purchase orders.
* You will be able to discuss purchase order pitfalls.
The Benefit of Using a Purchase Order System
• A Purchase Order Is a Contract
• Creating a Purchase Requisition
• Maintaining a Vendor Database
• Maintaining Internal Account Records
• Receiving Merchandise
• Payment of Invoices
• Tracking the Process Using a Computer
• Keeping Records for Future Use
Types of Information to Include on the Purchase Order
• Vendor Record Information
• Delivery and Contact Information
• Product or Service Description
• Basic Contract Information
• Freight Terms
• Delivery Dates
• Payment Terms
• Coding for Accounting
• Information for Property/Asset Tracking
• References to Your Terms and Conditions
• Authorized Signature of Agent
Types of Purchase Orders
• Purchase Order for Commodities
• Purchase Orders for Services
• Blanket or Standing Purchase Orders
• Confirming Purchase Orders
• Reimbursements
• No Order Payments
• Procurement Card Orders
• Online Electronic Orders
Purchase Order Pitfalls
• Ordering Outside the Purchase Order Process
• Vendor Quotes
• Conflicting Terms
• Timeliness of Ordering
• Managing Paper
• Decentralized vs. Centralized Processes
• Proofreading the Document
• Tracking Order Delivery
• Approval Layers
• Internal Controls
• Cost of Processing
APICS ,ISM ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
L.J. Jones-Developing Financial LLC
