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Answer Posted / harsha
Purchase order is a commercial document issued by buyer to
a seller indicating the type,quantities and agreed prices
of products or services that the seller will provide to
buyer.Gradually there are there types of purchase order.
1) Blanket purchase order-this is used for low cost item(eg-
stationary)are purchased frequently.the po is issued with
the limit on purchase amount.Within that amount the buyer
can keep ordering the material as frequently required.when
the po limit is exhausted a fresh po is created.
2)standard purchase order-this are most commanly used
purchase order.In this case the buyer has the detail about
what he or she is buying like quantity,price,delivery
schedule etc.
3)Planned purchase order-The buyer commits to buy from the
supplier over a long term(e.g.raw materials for
construction project like cement,steel,glass,bricks
etc).the tentive delivary schedules are agreed upon along
with estimates of qauntity and price of goods/services.this
helps bring down the inventory that buyer may have to hold
to avoid outages.this also enables JIT supplies.
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