Mastering Purchase Order Fundamentals

Increase your knowledge and enhance your skills with an in-depth discussion surrounding the world of purchase orders. Purchase Order (PO) 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 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.

• Understand how to initiate the PO process
• Learn best practices for receiving orders
• Gain knowledge of the proper payment procedures
• Learn 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

Among other things, the course will cover the following topics:

• The benefit in using a purchase order system

• • Purchase orders as contracts
  • 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
  • The 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

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.

• Purchasing agents
• Staff involved in the procurement
• Contract officers
• Contract managers
• Accounts payable staff
• Counsel staff
• Finance officers
• Budget officers
• Central receiving staff
• Buyers
• Business owners
• Compliance officers
• Corporate investigators and fraud examiners
• Purchasing professionals
• Accounting and Finance professionals
• Controllers
• Internal auditors
• Contractors
• Risk managers
• Legal department
• Attorneys

Kenneth M. Jones is a procurement specialist at SUNY Center for International Development. Kenneth has over 30 years of direct procurement experience. He has conducted regular seminars and workshops on public procurement. He is experienced in developing improved procurement practices. He is also a graduate of Schoharie Central School.