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Purchase Log
A register of all requisitions
received and all purchase orders issued,
containing information such as requisition
number, purchase order number, bid number,
supplier name, commodity code or description
of the material or service, and the value of the
order. Generally contained in a legacy
database.
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Purchase Order
A purchaser’s written document
to a supplier formalizing all terms and
conditions of a proposed transaction (e.g.,
description of the requested items, cost of
items being purchased, delivery schedule,
terms of payment, transportation).
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Purchase Order Change Notice
A form
documenting a change made to a purchase
order.
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Purchase Requisition (PR)
A document created
by a requestor authorizing the
commencement of a purchasing transaction;
typically will include a description of the need
and other information relative to the
transaction. May be submitted in hard copy or
via eProcurement software.
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Purchaser/Procurer
1. One who buys or issues a solicitation for
goods, services, or construction on behalf of
an entity.
2. An individual who purchases or procures on
behalf of an entity.
3. A procurer of goods, services, and
construction.
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Purchasing
Obtaining, renting, or leasing needed
goods or services without a long-term contract
or ongoing relationship with a vendor.
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Purchasing (Procurement) Department
The staff
of procurement professionals in an entity who
act as the primary buyers of goods and
services and oversee any delegated
purchasing authority.
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Purchasing Card
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Purchasing Power Parity (PPP)
A metric that
compares the equivalent purchasing power of
various countries' currencies with one
another.
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Purchasing/Procurement Cycle
The sequence of
activities from identification of need through
disposal or contract closeout for goods,
services, or construction carried out by a
procurement department or individual with
delegated procurement authority. See also:
Cradle-to-Grave.
