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This activity has been approved for 1.5 HR (General) recertification credit hours toward aPHR, PHR, PHRca, SPHR, GPHR, PHRi and SPHRi recertification through HR Certification Institute (HRCI). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org." ...more

Overview

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 require 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.

• Purchase Order Fundamentals
  • 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
    • Proofreading the Document
    • Tracking Order Delivery
    • Approval Layers
    • Internal Controls
    • Cost of Processing

Why you should 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.

Areas Covered in the Session

The key learning objectives include:

• Drafting a P.O.
• Learning Payment Terms
• Learning Tracking Methods
• Being aware of other internal stakeholders’ requirements
• Using alternate ordering methods i.e. online, procurement cards
• Initiating a P.O.
• Receiving Orders
• Payment Procedures
• Tracking Deliveries
• Online Ordering
• Procurement Cards
• Avoiding Pitfalls

Who Will Benefit

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