The 6 Steps of the Purchasing Process

The purchasing process is very important to a business, as manufacturers can’t make goods without raw materials and retailers can’t sell goods without first buying them. Even service providers must acquire goods or services to provide services (e.g., accounting firms need to purchase tax preparation software and law firms purchase software to research legal cases).

Before auditing the purchasing process, the auditor needs to get an overview of the activities that make up a company’s purchasing process.

The purchasing process consists of the following steps:
1. Requisitioning goods or services
2. Purchasing goods or services
3. Receiving goods or services
4. Processing invoices
5. Making disbursements
6. Updating records

0:00 Introduction
0:22 Requisitioning goods or services
1:19 Purchasing goods or services
4:09 Receiving goods or services
5:37 Processing invoices
7:57 Making disbursements
8:40 Updating records
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[pawanpoudel]

I put it this way,
Requisition
Quotation
Approval of quote and purchase order
Receiving goods
Receiving and processing invoices
Disbursement
Bank reconciliation

[brimaconteh]

Thank you for videos they are more better thank becker tutors, I encourage you to be making more videos for the sake of humanity