FA224 – MIP Fund Accounting Purchase Orders

Course Level: Intermediate
Prerequisite: Encumbrances attendance or encumbrances proficiency
Instructional Method: Group Internet Based
Recommended CPE Credits: 3
Three-Hour Class

In this course, students will explore the complete purchase cycle, from adding item codes, to issuing a purchase order, to creating an accounts payable invoice. Students will also be shown how to create a purchase order with encumbrances, receive the items, adjust the receipt if necessary, and then apply it to an invoice. Canceling purchase order items, voiding a purchase order, and a discussion of relevant reports are also covered in this class.

For additional training, and to learn more about working with encumbrances and processing accounts payable, attend the “FA223 – MIP Fund Accounting Encumbrances” and “FA205 MIP Fund Accounting Accounts Payable Processing” courses.

By the end of the session, you will be able to:

  • Create item codes for frequently purchased goods and services
  • Categorize items for easy application to purchase orders
  • Define shipping and billing locations
  • Print a purchase order
  • Automatically create encumbrances with a purchase order
  • Save time by applying a purchase order to an accounts payable invoice
  • Cancel and void purchase order items
  • Research and review purchase order history

FA225 – MIP Fund Accounting Electronic Requisitions

Course Level: Basic
Instructional Method: Group Internet Based
Recommended CPE Credits: 2
Two-Hour Class

Electronic Requisitions allows organization employees to submit requests for goods and services electronically and route the requests through multiple approval levels. Processing requisitions electronically saves time and resources.

Course participants will learn how to set up users and security as well as apply item and category codes (used in Purchase Orders) to requisitions. The course will also cover the submission, approval, or rejection process, as well as requisition management. Applying approved requisitions to Purchase Orders and relevant reports are also discussed. 

For additional training, and to learn more about creating purchase orders and processing accounts payable, attend the FA224 – MIP Fund Accounting Purchase Orders and FA205 – MIP Fund Accounting Accounts Payable Processing courses.

By the end of the session, you will be able to:

  • Set up requisition users and security rights
  • Create approver hierarchies
  • Create, submit, approve, and reject requisitions
  • Manage requisitions
  • Apply final approved requisitions to purchase orders
  • Research and review requisition history