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