Business, 08.12.2020 16:30 Bloom247

Purchase order processing requires distributing, allocating and executing funds, ensuring that funds are not over-committed, and allowing the

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A purchase order is a process that needs various steps such as creating an order, sending out requests, analysis of the vendor, negotiating the contract, and receiving goods and services.

Hence it needs the distributing, allocating, and executing of funds. Here the buyers are responsible for creating the Purchase order. It must be approved before sending it to the vendor.

Learn more about the required distributing, allocating, and executing.

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Answer from: hardyfombu

Hi, so it apprears that this question is about Purchase Order processing.

Whilst it is important to note that the steps used in purchasing process differs from company to company depending on their policies and practices, There are also very generic steps that cut accross board. They are:

Here are the steps involved:

1. Creation of the Purchase Order

2. Approval of the Purchase Order

3. Dispatch of the Purchase Order

4. Making and taking delivery of the good(s) and or service(s) that was requested whilst checking to confirm their consistency with what was ordered.

5. Issurance of Invoice by the supplier to the purchaser demanding payment for good(s) and or service(s) delivered

6. Checking that the invoice, the purchase order and the cotents of the delivery note all synchronise before making payment.

Explanation:

Purchase order management is a subset of Financial Management. Management of finance as the name implies connotes the proper and judicial management of cashflow.

When purchae orders are reviewed, it is with the intention to check

whether or not the items ordered are no longer required whether or not the supplier is unable to provide or deliver the requested item(s) and or service(s)whether or not an invoice has been treated for a recieved devlivery

In doing so, funds are allocated properly (that is, there are no critical shortfalls or excessive commitment of funds. This allows for proper cashflow management.

Cheers!

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Purchase order processing requires distributing, allocating and executing funds, ensuring that funds...