Purchase Order Fundamentals

Description

Purchase Order Fundamentals will be an interactive experience covering the basics of a current procurement office and how purchase order systems are used. The topics covered will give the beginner an understanding of basic purchasing processes and how to avoid common mistakes. The experienced Professional and Manager will be able to discuss interactively and share their experiences and ask questions to enhance their current operations with fresh ideas. Today’s fast-paced demands are requiring the rethinking of the standard paper processes and the use of electronic systems to facilitate decentralized desktop ordering, with just-in-time delivery while weighing the risks to internal controls.

What you'll learn?

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 Term
• 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

Who should attend?

• Purchasing Agents
• Buyers
• Accounts Payable Staff’
• Shipping & Receiving Staff
• Equipment Management Staff

Why should you attend?

This is a great training program for the new procurement professional and the seasoned one may pick up some new ideas as well. It also covers payments and delivery so those in accounts payable and the receiving dock may benefit as well. Learn best practices and how to avoid problems when creating a purchase order.