Oracle Purchase requisition, blanket purchase agreement, planned purchase order

Categories: ERP,Other


purchase requisition
An internal request for goods or services. A requisition can
originate from an employee or from another process, such as inventory or
manufacturing. Each requisition can include many lines, generally with a
distinct item on each requisition line. Each requisition line includes at least a
description of the item, the unit of measure, the quantity needed, the price per item, and
the Accounting Flexfield you are charging for the item. Also known as internal
requisition.

blanket purchase agreement A type of purchase order you issue before you request
actual delivery of goods or services. You normally create a blanket purchase
agreement to document a long–term supplier agreement. A blanket purchase agreement
may contain an effective date and an expiration date, a committed amount, or
quantity. You use a blanket purchase agreement as a tool for specifying agreed
prices and delivery dates for goods and services before ordering them.

planned purchase order A type of purchase order you issue before you order actual
delivery of goods and services for specific dates and locations. You normally enter a
planned purchase order to specify items you want to order and when you want delivery
of the items. You later enter a shipment release against the planned purchase order
when you actually want to order the items.

purchase price variance The variance that you record at the time you receive an item in
inventory or supplier services into work in process. This variance is the difference
between the standard unit cost for the item or service and the purchase unit price
multiplied by the quantity received. You record purchase price variances in a
purchase price variance account for your organization. Since standard cost is a
planned cost, you may incur variances between the standard cost and the purchase
order price.

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