Glossary
PO (purchase order)
A purchase order is a numbered document that commits you to buy specific items from a vendor at agreed rates, quantities and terms.
In practice
A PO is the first leg of checking a bill before you pay it: what was ordered. Without one, a vendor's bill is checked against memory.
In Pakka
Purchase orders go to the vendor, who acknowledges them, with your standard terms attached. Bills are matched against the order and the delivery before payment.
Related terms.
- GRN (goods receipt note)A goods receipt note records what material actually arrived on site against a purchase order: what was received, what was short and what was damaged.Read more
- Three-way matchA three-way match checks that the purchase order (what was ordered), the goods receipt (what arrived) and the vendor's bill (what is charged) agree before the bill is paid.Read more
- Two-person approvalTwo-person approval means the person who raises a payment cannot be the one who approves it.Read more
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