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37 Free Purchase Order Templates in Word & Excel

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❶He is an internationally traveled sport science writer and lecturer.

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Creating A Purchase Order System For Your Small Business

You might consider creating a small committee to handle the task. Include one or two vendors or suppliers who will be asked to accept your purchase orders. Spell out the circumstance under which employees can make purchases and who can make purchases. This will limit who can use and transmit a purchase order.

Consider creating a list of approved vendors who will accept your purchase orders so you can increase your ability to control costs and quality. This eliminates the problem of having to pass frequent vendor credit checks when making purchases.

Purchase orders are the forms that become the center of your purchase order system. Create forms employees can use that allow you, a bookkeeper or accounting department to easily input purchase orders into a financial document for later reference. The form should include items such as the following:. Your form should allow you to run reports by vendor, department or item to quickly find out how much the company is spending in certain areas.

Each document should have a purchase order number for easy reference when you contact a vendor or supplier or vice versa. Explain why you are instituting the system and provide examples of how accounting will use the system.

After you have used the recommendations and feedback you've received to create your final purchase order and procedures for using it, communicate the information to everyone who will be involved. Put the information in writing and send a copy to each staff member.

Sam Ashe-Edmunds has been writing and lecturing for decades. He has worked in the corporate and nonprofit arenas as a C-Suite executive, serving on several nonprofit boards. He is an internationally traveled sport science writer and lecturer. Purchase orders help suppliers compare ordered inventory to inventory shipped and on hand for accuracy. They also allow the supplier to track when payments have been made on specific orders. Buyers hold copies of orders they place to monitor timely receipt of the items.

The purchase order is prepared by the buyer, often through a purchasing department. This process is typically done using electronic software systems, which allow for better tracking and electronic submission of orders to the supplier.

The purchase order, or PO, usually includes a PO number, which is useful in matching shipments with purchases; a shipping date; billing address; shipping address; and the request items, quantities and price.

Software programs usually have entry fields for each piece of critical data; the purchaser simply fills in the fields prior to processing and sending the order. Once the buyer submits the order, an in-progress purchase is created. The order's status remains in-progress until the ordered items have been received by the buyer's warehouse.

Once the inventory is physically received, it is typically scanned into inventory and matched to the proper purchase order. The purchase order is marked as processed or requiring payment. The buyer completes its responsibility for the purchase when it remits payment. To ensure accurate credit for payment, the payment should indicate the PO number or company account number. Suppliers use purchase orders for order fulfillment and payment processing.

Upon receipt, the purchase order is used to pull purchased inventory for packaging and shipping. Once the inventory is pulled, an invoice is prepared based on the items orders and prepared for shipment. When the products are shipped, the supplier records the shipment in its inventory system. The purchase order is filed electronically, with paper copies often filed, as well. The order is marked as filled or waiting payment. Important payment reminder dates and deadlines are set. This is important to the supplier for good payment monitoring and enforcement of credit policies.

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