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what is meant by procurement cycle?

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what is meant by procurement cycle?..

Answer / an.reddy

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 ?    54 Yes 18 No

what is meant by procurement cycle?..

Answer / shiva d patil

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

what is meant by procurement cycle?..

Answer / bakya lakshmi

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 ?    15 Yes 0 No

what is meant by procurement cycle?..

Answer / shyamdass pentayah

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

what is meant by procurement cycle?..

Answer / raja amer munawar

it is the purchasing functions which occur during
acquisition of commodities.

Is This Answer Correct ?    19 Yes 7 No

what is meant by procurement cycle?..

Answer / hockey

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

what is meant by procurement cycle?..

Answer / gayathri

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

what is meant by procurement cycle?..

Answer / vidz mota

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

what is meant by procurement cycle?..

Answer / satya

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

what is meant by procurement cycle?..

Answer / erasto c

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

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