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Purchase Order Fundamentals

Increase your knowledge and enhance your skills with an in-depth discussion surrounding the world of purchase orders.

Purchase order fundamentals will be a web-based training experience covering the operations of a procurement office and how purchase order systems are used. The topics covered will give you an understanding of purchasing processes and how to avoid common mistakes. Today's fast paced demands are requiring rethinking of the standard paper processes and the use of electronic systems to facilitate decentralized desk top ordering, with just in time delivery while weighing the risks to internal controls.

Runtime: 85 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Benefit in Using a Purchase Order System

  • A Purchase Order Is a Contract
  • Creating a Purchase Requisition
  • Maintaining a Vendor Data Base
  • 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
  • Proof Reading the Document
  • Tracking Order Delivery
  • Approval Layers
  • Internal Controls
  • Cost of Processing
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In Partnership With

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on November 13, 2018.

Call 1-866-352-9540 for further credit information.

  • ISM 1.5
     
  • Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kenneth M. Jones

Kenneth M. Jones

  • Procurement Specialist working part time for the SUNY Center for International Development with their program in Kenya, Africa
  • Has trained many University staff on procurement rules and regulations
  • Established online ordering processes with vendors ranging from office supplies to lab chemicals and continues to provide training in his current position to procurement staff in Nairobi, Kenya
  • More than 30 years of experience working in the public and nonprofit procurement field
  • Previous purchasing experience included procuring commodities, services and construction for the departments on campus
  • Conducts regular seminars, webinars and workshops on various procurement topics
  • Past Purchasing assistant for the New York State Office of Taxation and Finance
  • Can be contacted at 518-875-6854 or [email protected]
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 404482
Published 2018
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