Question

300 WORDS REQUIREMENT!!!

Discuss what policies and procedures companies undertake during the purchase and payment process. Please state your reasons in detail.

Answer 1

	PURCHASE POLICIES AND PROCEDURES
	Any actual or perceived conflict of interest by either the person initiating the request for goods or services or by an individual approving the request must be disclosed to the Purchasing Manager or the VP for Business and Finance. A decision will be made as to whether the purchase should be approved.
	Tax-exempt forms can be obtained in the A/P or Purchasing Office or via email request
	Please keep in mind that you may use a Purchase Order for any purchase regardless of the cost, several quotes on any purchase will insure you are getting the best value
	Price negotiations are always an important consideration, and comparing pricing between vendors is encouraged at any dollar amount. If you are using a new vender, you must complete the “New Vendor Request Process.
	All new individuals or businesses wishing to become a vendor of the University will be required to submit a completed requisite form prior to any payments being generated. These forms provide with verifiable tax identification numbers and addresses as required . Without these forms, Accounts Payable will be unable to process the payment.
	PAYMENT POLICIES AND PROCEDURES
	The following steps are required when processing a Check Request for Payment: - Use the following steps to complete request: 1. When asked for a vendor name, enter a portion of the name, not the full name. Example: for Office Depot, enter Depot – you will get a more consolidated selection of vendors. Do not use the option “I do not wish to perform a vendor Lookup” to enter manually. If you do not see the vendor listed, please refer to the “New Vendor Request Process” to add a new vendor. 2. Choose the correct vendor from the list and submit. 3. Complete the request with the appropriate information 4. You must populate next approver for every request. Whoever approves the check request within your department must approve and forward the request to the A/P Department 5. After you submit the request, open Software (document management system) and attach invoices on payment requests. You must use Internet Explorer to open both programs and they must be open at the same time to attach documents.

	REASONS FOR PURCHASE/PAYMENT POLICIES AND PROCEDURES ARE AS FOLLOWS
	Provides guidance and support to the professional purchasing and support staff.
	General outlines clarifying purchasing management on a subject.
	Defines responsibilities of various buying levels.
	Helps in purchasing material and service that comply with engineering and quality standards.
	Helps prevent payment being credited to wrong supplier.