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what is meant by procurement cycle?
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Answer Posted / 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.
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