Purchase
order (POs) are the only way, due to competitive and
capitalization requirements, that purchases over $2,500
can be made at the University of Alaska
Anchorage. Purchase orders under $2,500 may be issued
where a procurement card is not able to be used or other
method of purchase is not practical.
Once a requisition has
been entered into Banner the requisition is assigned to
a procurement officer, usually based prior expertise in
purchasing the requested goods or services. If the
purchase does not require further competition or other
considerations, a purchase order is issued by
Procurement Services to place the order. The purchase
order, when accepted by the vendor, becomes a binding
contract between the seller and the University.
The process for
issuing purchase orders is as follows:
1. The procurement
officer is assigned a requisition in Banner usually
based prior expertise in purchasing the requested
goods or services.
2.
Banner
assigns the purchase order number to the requisition
automatically upon request.
3. Procurement
officers will confirm terms, pricing, shipping cost,
among other specifics, with the vendor.
4. When
all issues are confirmed
purchase orders are completed, printed
and signed by the those delegated with procurement
authority.
5.
Banner automatically encumbers the funds
as the purchase order is completed.
6. All
signed Purchase Orders are distributed as follows:
The original copy is
to the vendor and includes the University's terms and
conditions of the purchase and may include other backup
or information, such as registration forms, needed by
the vendor.
A copy is sent to
Accounts Payable (with any necessary backup) for payment
when the goods have been received or services
rendered. Payment terms are typically 30 days after
receipt of invoice.
Procurement Services
maintains a file with copies of pertinent backup and
attachments for later reference if needed.
To determine the
purchase order number, when the purchase has been
completed and responsible procurement officer, access
Banner form FOIDOCH and enter in the known requisition
number.
There are several
other types of purchase orders that can be created from
a requisition entered into Banner including open
purchase orders, cash pay purchase order and prepaid
purchase order.
Click
here for Banner Finance
Documentation on instructions for requisitioning for
Purchase Orders.
