5 Important Steps in Purchasing and Receiving Procedure of Materials
Purchasing procedure varies with different business forms, but all of them follow a general pattern in the purchase and receipt of materials and payment of obligations. The important steps in purchasing and receiving procedure are as follows (Fig.9.1). STEP-I: Purchase Requisition: A form known as purchase requisition is commonly used as a formal request to the purchasing department to order goods or services. The purchase requisition serves three general purposes:1. It fixes the responsibility of the department/ personnel making the purchase requisition. ADVERTISEMENTS: 2. It can be used for future reference.3. It automatically starts the purchasing process and informs the purchasing department of the need for the purchase of materials.Usually, purchase requisitions are prepared by the storekeepers for regular stores items which are below or approaching the minimum level of…
