what is meant by procurement cycle?
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Answer / an.reddy
procurement cycle means cycle it is integrating with
it starts from MM
the accounting entries will effecting by from
inventory a/c dr
cogs a/c dr
inventory (finished goods)
|Is This Answer Correct ?||54 Yes||18 No|
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|
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|
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
|Is This Answer Correct ?||15 Yes||1 No|
Answer / raja amer munawar
it is the purchasing functions which occur during
acquisition of commodities.
|Is This Answer Correct ?||19 Yes||7 No|
Answer / hockey
is the process that creates, manages and fulfills contracts
1.determination of requirements (IPR RAISED)
4.vendor selection ie evaluating offers n ageeing terms.
5purchase order processing
7.invoice verification ( invoice + PO.
|Is This Answer Correct ?||11 Yes||0 No|
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|
Answer / vidz mota
1) PURCHASE ROCEDURE
2)REQUIREMENT FROM USER DEPARTMENT
3)SEND ENQUIRY TO VENDORS
5)STUDY AND COMAPRE QUOTATION
6) NEGOCIATE QUOTATION
7)PLACING ORDER TO RIGHT VENDOR
8)FOLLOW UP WITH VENDOR
9)GET THE MATERIAL
11)CREDIT MTRIAL TO THE STORES
|Is This Answer Correct ?||1 Yes||0 No|
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|
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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