Explain the basic procurement cycle.
Answers were Sorted based on User's Feedback
Determination of Requirements
Source Determination
Vendor selection and comparison of quotations
PO processing
PO follow-up
Goods receiving and inventory management
Invoice verification
Payment processing
Is This Answer Correct ? | 59 Yes | 1 No |
Answer / rajesh
purchase requition - source of supply - vendor selection -
purchase order - goods receipt - invoice verification
Is This Answer Correct ? | 17 Yes | 4 No |
Answer / girish
1.Determination of Requirement
2.Determination of source of supply
3.Vendor Selection
4.Order Processing
5.PO monitoring
6.Goods Receipt
7.Invoice Receipt
8.Invoice Verification
9.Payment Process
Is This Answer Correct ? | 9 Yes | 1 No |
Answer / mdinamulhaq
* Determination of Requirement
* Creation of Service Specification
* Source Determination
* PO Processing
* Order Follow up
* Goods Receipt or Service Entry
* Service Acceptance
* Invoice Verification
Is This Answer Correct ? | 8 Yes | 3 No |
Answer / dulabhai
* Material selection
* Requirment
* vendor selection, RFQ and agreement
* PO
* PO monitoring
* GR/IR
* Invoice verification
* In time payment
Is This Answer Correct ? | 4 Yes | 0 No |
Answer / patel
Hi,
This is a common question that is asked in the interview. The best to answer this question is as follows:
1) Create a source list with approved vendors, validity period, and a fixed vendor.
2) Now create a PR and assign source list that was created to PR through "Assign Sources of Supply."
3) Create a RFQ
4) Vendor Selection
5) Create a PO
6) Create a GR, and then IR.
7) Invoice Verification
8) FIN Reconcile the postings of GL accounts
9) Then Admin does the automatic payment processing.
If you have any questions please revert back.
Is This Answer Correct ? | 0 Yes | 0 No |
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