Purchase Orders - PowerPoint by hcj

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									Purchase Orders
Student Activities Office
    What is a purchase
         order?
• It is proof of MIT’s commitment to
  pay an outside vendor
• A PO does not:
  – Authorize checks. Separate vouchers
    are required for checks.
  – The final and all invoices need to be
    signed/approved by a signatory.
When do you use a purchase
         order?
• Purchase of any capital goods
• Purchases over $500
• Purchases that go over a length of
  time where deposits are needed
• Recurring orders with the same
  company
     Types of Purchase
          Orders
There are 2 types of Purchase Orders:


$ Standard: one time use for a specific
  event, program or purchase

$ Blanket: used repetitively during the
  academic year
    What does SAO Need?
• Name of company
• Address of company
                                   This all goes on
                                  the SAO Voucher
• Federal ID of company
• Phone
• Fax
• Selection of Source over 5k
• Description of Event (Amount people /food/
  entertainment/event timing)
• Itemized Quote
   Selection of Source
Can be found at:
http://vpf.mit.edu/index.php/site/procurement/forms_and_templates
   What do you do after
         event?
• Get Final Invoice
• Initial the invoice
• Complete a voucher
  – This tells us to pay on the Purchase order

  **IF YOU DO NOT OK THE INVOICE/SUBMIT
    IT TO US WE WILL NOT PAY IT**
Questions???

								
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