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Categories >> Software >> ERP CRM >> SAP >> FI CO
 
 


 

 
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Question
what is meant by procurement cycle?
 Question Submitted By :: FI-CO
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
procurement cycle means cycle it is integrating with
different modules

it starts from MM

Enquiry
Quation
Purchase order
Goods Receipt
invoice verifaction
Delivey
Billing
payment



the accounting entries will effecting by from
goods receipt
inventory a/c dr
to
gr/ir a/c

invoice verifacation

gr/ir a/c
to
vendor
delivery
cogs a/c dr
to
inventory (finished goods)
billing
customer a/c
to
sales a/c
payment
cash a/c
to
customer
 
Is This Answer Correct ?    53 Yes 18 No
An.reddy
 
Answer
# 2
Procurement cycle in MM starts with requirement
determination to Payement to the party. i.e it includes
requirement determination, source determination, vendore
selection, PO placement & monitoring, Goods receipts,
invoice verification and Payment.
 
Is This Answer Correct ?    28 Yes 9 No
Shiva D Patil
 
 
 
Answer
# 3
The Procurement Cycle is the process starting from
determining the requirements, producing a specification to
supplying the requirements to the user.In other words, it
includes all processes necessary to ensure that materials
are available for manufacturing to occur according to
schedule.
 
Is This Answer Correct ?    15 Yes 1 No
Shyamdass Pentayah
 
Answer
# 4
Procurement Cycle is the process of procuring the material
from the vendor and doing invoice for the received goods.It
will starts from raising the purchase requisition by an
authorised person. Then it will be send to purchasing
department to create a purchase order.The Purchase Order
(PO) is one of the legal document between buyer and
vendor.After receiving the PO,the vendor will send the
goods to the buyer.Then the buyer will do the Goods Receipt
and at last the invoice will be done with the vendor
i.e.,paying money to vendor for the received goods is
called Invoice Receipt.
 
Is This Answer Correct ?    14 Yes 0 No
Bakya Lakshmi
 
Answer
# 5
it is the purchasing functions which occur during
acquisition of commodities.
 
Is This Answer Correct ?    19 Yes 7 No
Raja Amer Munawar
 
Answer
# 6
is the process that creates, manages and fulfills contracts
that is:

1.determination of requirements (IPR RAISED)
2.identify suppliers
3.invite suppliers
4.vendor selection ie evaluating offers n ageeing terms.
5purchase order processing
6.goods receipt
7.invoice verification ( invoice + PO.
8.payment processing.
 
Is This Answer Correct ?    11 Yes 0 No
Hockey
 
Answer
# 7
Procurement cycle-a sale order is placed on a requirement
made by a customer,after which it is passed on to create a
purchase order(this could either happen based on the
requirements on the SO,or a planned SO)the value flow gets
passed on to FI at the time of goods movement.In the case
of SD,the impact on FI happens only at the time of billing.
 
Is This Answer Correct ?    28 Yes 24 No
Gayathri
 
Answer
# 8
1) PURCHASE ROCEDURE
2)REQUIREMENT FROM USER DEPARTMENT
3)SEND ENQUIRY TO VENDORS
4)GET QUOTATIONS
5)STUDY AND COMAPRE QUOTATION
6) NEGOCIATE QUOTATION
7)PLACING ORDER TO RIGHT VENDOR
8)FOLLOW UP WITH VENDOR
9)GET THE MATERIAL
10)INSPECT MATERIAL
11)CREDIT MTRIAL TO THE STORES
 
Is This Answer Correct ?    1 Yes 0 No
Vidz Mota
 
Answer
# 9
material requisition-rfq-porchse order(based on best quation)-goods recipt(migo)-invoice verfication(miro)-outgoing payment 
Is This Answer Correct ?    0 Yes 0 No
Satya
 
Answer
# 10
Determining the requirements of material either manually or
through Material Requirement Planning Checking the
availabilty of stocks. If product is new, creation of
Master data for the use of all components as mentioned
above If stcok is not available, recognisation of source of
supply If source is not avaiable, creation of source of
supply (vendor) into the system. Negotiation of terms &
conditions with source of supply Placing the Purchase Order
Follow up with vendor for delivery of goods Receiving the
Goods in the warehouse Issuing the goods to Indenting
Department Paying the Vendor for the delivery
 
Is This Answer Correct ?    0 Yes 2 No
Erasto C
 

 
 
 
Other FI CO Interview Questions
 
  Question Asked @ Answers
 
Folks, Can somebody enlighten on doing inter company eliminations without using consolidation module(EC-CS).Can we capture the G/L line items directly (FBL3n)and do some ABAP to get the desired results PiTech 2
Difference between bapi, badi, ale and edi   1
What is the meaning of Generate Asset Classes From GL Accounts. Kindly can any one tell me what is the meaning of this in detail. IBM 4
what is transport request? Infosys 14
1.How do we get the list of normal gl accounts, reconciliation accounts and alternate reconciliation accounts?   1
What are closing operations? How we have done closing operations   1
what is processes and Z- programs in supporting? IBM 1
PO made for 100 pcs and GR for 100 Pc but received the invoice for 110 pcs. How you will address this ? what is the account entry???? IBM 4
Hi What is the difference between FBL5N(View Customer A/C's) and the FD10N(Display Customer A/c's) and FB03(Display Document. Please do not mind i am getting confused in this T.Codes and their meanings.   6
Hi can anyone explain me about What is exactly about Functional Spec.in SAP(FICO) I have bit of confusion in this HP 2
what is app program how it works in real time IBM 3
What is the difference between the R/3 4.6version to R/3 4.7version IBM 1
 
For more FI CO Interview Questions Click Here 
 
 
 
 
 


   
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