Increase your knowledge and enhance your skills with an in-depth 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. Today's fast-paced demands are requiring a 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.
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Why Lorman?
Over 37 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 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
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Credit
More Program Information
Why Lorman?
Over 37 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 Course
This course was last revised on May 16, 2023.
Call 1-866-352-9540 for further credit information.
- CPIM/CFPIM/CSCP 1.0
- This program may qualify for 1.0 certification maintenance points toward the CSCP, CPIM and CLTD designations through The Association for Operations Management.
- ISM 1.0
- Participants who successfully complete this program will receive 1.0 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.
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Credit
More Program Information
Why Lorman?
Over 37 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
- Procurement specialist (part time) providing training to new procurement staff at the University at Albany, SUNY
- Previously served as the Assistant Director of Institutional Services at the University at Albany, SUNY, for 15 years
- Has trained many university staff on state procurement rules and regulations as well as the Research Foundation for SUNY (a non-profit organization) rules and regulations working with various granting agencies
- Provided procurement procedures, training, and transactional review for a research foundation for a SUNY grant funded procurement team in Nairobi, Kenya
- Established online ordering processes with vendors ranging from office supplies to lab supplies
- 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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Credit
More Program Information
Why Lorman?
Over 37 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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Pay once and get a full year of unlimited training in any format, any time!
- OnDemand Courses
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- Course Manuals
- Executive Reports
- White Papers and Articles
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- State Specific Credit Tracker
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