On Demand Webinar
Webinar Details $219
- Webinar Length: 100 Minutes
- Guest Speaker: Kenneth Jones
- Topic: Taxation and Accounting, Purchasing
- Credit: CPE 2.0, ATAPU 1.5
-
Purchase Orders can be a cause for much confusion and potential errors. Join Kenneth Jones as he walks you through the Purchase Order process from A to Z and clears up common misconceptions and helps you avoid common pitfalls. This program will start at the beginning of initiating a PO and go all the way through payments and delivery. Walk away with a better understanding of the PO process, the best practices for working with POs and strategies that will help you avoid the errors that commonly occur in the PO process.
Your Benefits of Attending:
- Understand how to initiate the PO process
- Learn best practices for receiving orders
- Gain knowledge of the proper payment procedures
- Lean how to properly track deliveries and proactively avoid issues
- Understand the online ordering process as it relates to POs
- Gain a better understanding of the processes used with procurement cards
- Walk away with the confidence to avoid the most common pitfalls presented by the PO process
Learning Objectives:
- Drafting a PO
- Learning payment terms
- Learning tracking methods
- Being aware of other internal stakeholders' requirements
- Using alternate ordering methods i.e. online or procurement cards
Join Kenneth Jones as he walks you through the PO process from start to finish and helps you avoid the pitfalls.
- Introduction
- What is a Purchase Order? 00:01:57
- Initiating a Purchase Order 00:06:14
- Maintaining a Vendor Database 00:14:38
- Maintaining Internal Accounts 00:21:28
- Receiving Merchandise 00:28:57
- Payment of Invoices 00:38:38
- Tracking 00:41:25
- Keeping Records 00:48:48
- Creating a P.O. Document 00:51:41
- Creating a P.O. Cont’d. 01:00:06
- Creating a P.O. Cont’d. 01:01:29
- Delivery Dates 01:03:15
- Payment Terms 01:06:16
- Payment Terms Cont’d 01:07:57
- Coding for Accounting 01:10:16
- Property Asset Tracking 01:12:39
- Terms & Conditions 01:16:34
- Authorized Signature 01:19:10
- Types of Purchase Orders 01:20:16
- Purchase Orders for Services 01:22:12
- Blanket or Standing Orders 01:23:59
- Confirming Purchase Orders 01:25:37
- Reimbursements 01:27:04
- No Order Payments 01:29:33
- Procurement Cards 01:30:12
- Online Electronic Orders 01:33:04
- Purchase Order Pitfalls 01:35:10
- Pitfalls Continued 01:38:19
- Questions & Answers 01:39:20
- Presentation Closing 01:40:04
- Accounts Payable (AP) 01:21:18
- Allocation 00:08:41
- Asset 01:15:26
- Audit 00:27:59, 01:15:53, 01:32:12
- Bid 00:46:39, 00:49:54
- Blanket Order 01:24:02
- Change Order 01:23:37
- Commodity 00:02:06, 00:16:41, 00:19:01, 01:20:22, 01:22:18
- Contract 00:02:11, 00:05:15, 00:40:28, 00:48:57, 01:00:17, 01:10:56, 01:22:35
- Expenditure 00:23:13, 01:12:32
- Expense 00:14:20, 00:25:32, 01:27:16
- INCO Terms 01:01:28
- Invoice 00:38:45, 01:06:46, 01:08:36, 01:11:02, 01:21:23, 01:33:13
- P-Card 01:30:15, 01:31:56
- Procurement 00:17:13, 00:46:44, 00:50:30, 01:32:26
- Purchase Order 00:00:07, 00:02:01, 00:03:23, 00:05:33, 00:14:44, 00:27:11, 00:33:51, 00:38:55, 00:43:52, 00:51:56, 00:54:00, 00:59:16, 01:05:56, 01:10:30, 01:15:17, 01:22:29, 01:25:40, 01:39:09
- Purchase Requisition 00:06:25, 00:07:03, 00:11:02, 00:25:40, 00:41:32, 01:03:26, 01:19:15, 01:20:22, 01:28:34
- Request for Proposal (RFP) 00:50:17
- Revenue 00:23:12
- Vendor 00:02:08, 00:03:31, 00:04:26, 00:13:22, 00:15:47, 00:16:51, 00:19:50, 00:30:42, 00:34:00, 00:37:57, 00:43:44, 00:51:54, 01:06:08, 01:16:58, 01:24:16, 01:32:34, 01:38:27
- Vendor Database 00:14:46, 00:18:45, 00:38:02, 00:51:55
Accounts Payable (AP): The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.
Allocation: Allocation is the separation of profits by percentage for each member.
Asset: Property owned by a person or company, regarded as having value and available to meet debts, commitments or legacies.
Audit: A formal examination of an organization's or individual's accounts or financial situation
Bid: A bid is an offer made by an investor, trader, or dealer in an effort to buy an asset or to compete for a contract.
Blanket Order: A blanket order, blanket purchase agreement or call-off order is a purchase order which a customer places with its supplier to allow multiple delivery dates over a period of time, often negotiated to take advantage of predetermined pricing.
Change Order: Once a requisition is approved changes cannot be made, however, users do have the ability to make some changes after a PO has been issued through the change order process. Managing changes to the Purchase Order requires a Change Order to modify the dollar amount, service dates, or update the chartstrings.
Commodity: A basic good used in commerce that is interchangeable with other goods of the same type.
Contract: A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
Expenditure: An expenditure is money spent on something. Expenditure is often used when people are talking about budgets.
Expense: Offset (an item of expenditure) as an expense against taxable income.
INCO Terms: INCO Terms are internationally accepted commercial terms defining the respective roles of the buyer and seller in the arrangement of transportation and other responsibilities, and clarify when the ownership of the merchandise takes place. They are used in conjunction with a sales agreement or other method of transacting the sale.
Invoice: An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice.
P-Card: A PURCHASING CARD (also abbreviated as PCard or P-Card) is a form of company charge card that allows goods and services to be procured without using a traditional purchasing process. In the UK, purchasing cards are usually referred to as procurement cards
Procurement: Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared.
Purchase Order: A legal contract between a buyer and a vendor. It lists the materials or services to be purchased on specified terms and conditions (quantity, price / pricing conditions, delivery date).
Purchase Requisition: A purchase requisition is a document used as part of the accounting process to initiate a merchandise or supply purchase. By processing a purchase requisition, appropriate controls can monitor the legitimacy of a purchase, as well as identify the business need for the products.
Request for Proposal (RFP): A request for proposal (RFP) is a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals.
Revenue: In accounting, revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenue is also referred to as sales or turnover. Some companies receive revenue from interest, royalties, or other fees.
Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.
Vendor Database: The Vendor database stores information about your vendors. Because the system is fully integrated, the information you enter in the Vendor database is automatically supplied to other parts of the system.
