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A Purchase Order is an authorization prepared by a buyer (issuer) for the purchase of goods or services from a vendor at specified prices. Additional items such as quantities, prices, terms, and shipping instructions may be itemized in the order.

 

The Pak Accounting CPO System often replaces the Accounts Payable System as the primary source of purchase journal transactions into the general ledger. In other cases, CPO and AP co-exist as equal partners in the process of entering purchases into your books. CPO entry gives you the capability to approve purchases and track receipts of goods and service before the vendor’s invoice (AP event) is ever received.

 

CPO, along with document image scanning, is an ideal solution for companies with employees in locations other than the home office. Purchases can be requested from one location, a manager approving from another location and the accounts payable received in a third location. Purchase Orders, scanned bids, scanned receipts, scanned invoice copies could be reviewed from any locations, based upon security settings.

 

 
Features of this module include:

 

•Non-inventory and inventory purchases.

•Printed PO’s or e-mail with a PDF version attached.

•Three-way matching of purchases, receipts and invoices.

•Separation of duties between purchasing agent, supervision approval, receipt of stock or services and accounts payable matching.

•Multi user concurrent license which allows field personnel to interact with office staff without resorting to a paper trail.

•Document scanning of delivery or field tickets and accounts payable invoices.

•Multi-level approval process via user defined rules. Also, your purchases are approved before ordered.

•Unlimited PO detail with automatic general ledger coding available for inventory parts or non-inventory goods and services.

•Partial PO receipts of goods or services via multiple events. PO can match to multiple accounts payable invoices.

•Elimination of duplicate accounts payable entry.

•Oil & Gas Operators support for your Authority for Expenditures (AFE) and Joint Interest Billing costs, property and deck coding.

•Support for Multi-Location Inventory