Types of Purchase Orders(PO)|Complete details| All youth Club

 In this article you are going to learn about Searches related to accounts payable is considered a part of which of the following to purchase goods or services on account is to create accounts payable is considered on the trial balance accounts payable process accounts receivabl accounts payable journal entry accounts payable interview questions accounts payable job description accounts payable procedures Types of Purchase Orders(PO and po types and complete details about Purchase order

 Types of Purchase Orders(PO)|Complete details:
The purchase provides the following types of purchase orders: standard purchase order, planned purchase order, blanket purchase contract and contract purchase order. You can use the Document Name field in the Document Types window to change the names of these documents. For example, if you enter Regular Purchase Order in the Document Name field for the Standard Purchase Order type, your choices in the Type field in the Purchase Orders window will be Regular Purchase Order, Purchase Order Planned, blanket Purchase Agreement and Purchase Agreement.

Standard Purchase Orders

You usually create standard purchase orders for a single purchase of various items. You create standard purchase orders when you know the details of the products or services you need, estimated costs, quantities, delivery schedules, and accounting distributions. If you are using Load Accounting, the purchase order can be charged because the required information is known.

Blanket Purchase Agreements

You create blanket purchase contracts when you know the details of the products or services you plan to purchase from a particular supplier over a period but you do not yet know the details of your delivery schedules . You can use general purchase agreements to specify negotiated prices for your items before you buy them.
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Blanket Releases

You can issue a general release against blanket purchase contract to place the actual order (as long as the release is within the effective date of the general agreement). If you use load accounting, you can clutter up each version.

Purchase contracts

You create purchase agreements with your suppliers to agree on specific terms and conditions without specifying the products and services you purchase. You can then issue standard purchase orders referring to your contracts, and you can charge these purchase orders if you use the expense accounting.

Planned Purchase Orders

A planned purchase order is a long-term agreement to purchase goods or services from a single source. You must specify the provisional delivery schedules and all details of the products or services you wish to purchase, including the expense account, quantities and estimated cost.

Scheduled Releases

You can issue scheduled versions against a scheduled purchase order to place the actual orders. If you are using Load Accounting, you can use the Scheduled PO to reserve funds for long-term contracts. You can also change the accounting distributions for each version and the system will cancel the load for the scheduled order and create a new load for the output.

Summary of Purchase order types

Paticulars Standard Purchase Order Planned Purchase Order Blanket Purchase Agreement Contract Purchase Agreement

Terms and Conditions Known Yes Yes Yes Yes
Goods or Services Known Yes Yes Yes No
Pricing Known Yes Yes Maybe No
Quantity Known Yes Yes No No
Account Distributions Known Yes Yes No No
Delivery Schedule Known Yes Maybe No No
Can Be Encumbered Yes Yes No No
Can Encumber Releases N/A Yes Yes N/A
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