Before any company engages business with any vendor, they have to make sure that the vendor has their required qualifications. To get this information, they would make the vendor…continue reading
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What Is a Purchase Order Form?
A purchase order is a formal document that is primarily used for business and commercial transactions. The purchase order or PO is issued by the buyer and submitted to a vendor or supplier.
According to an article by Procurify, there is a major difference between a PO and an invoice. The former is created by the buyer; whereas, the supplier or vendor is responsible for issuing an invoice to the buyer.
Importance of a Purchase Order
Purchase orders are one of the most basic and widely used forms in business. Most companies and establishments use at least one form of purchase order to facilitate business transactions. The following are just some of the primary reasons why a PO is an important business document.
Tips for Creating a Purchase Order
A purchase order form is pretty standardized across most industries. But if you are customizing your own form, it might be helpful to consider a few tips and reminders. Keep in mind the following the next time you are tasked to craft a purchase order.
How to Create a Purchase Order
To create a basic purchase order form, it needs to have a certain layout or structure. And if you are looking for a ready-made template to use a blueprint or reference guide, you can choose any of the free templates above. Select one that meets your needs and simply follow the step-by-step instructions below.
Step 1: Format
The first step is establishing the right format. As discussed earlier, a purchase order form is typically standard all throughout. And although the finer details may vary, it is best to stick to what is standard and accepted. If you don’t know where to begin, the best thing to do is to start with a template or at least use it as a reference guide. You can use any application you prefer. But Microsoft Excel is a tool that’s commonly used to create purchase order forms. The best thing about using a template is that it is already formatted for your use. You can simply input or change the details and instantly save it as your own.
Step 2: Contact Details
After you have a solid format in place, the next step is to input all the important contact information. Since a purchase order can be considered a cross between a letter and an invoice, it must have a recipient. This section is reserved for the recipient or the supplier’s contact details. Likewise, if you are the buyer or the one placing the purchase order, your contact information is vital too. Information such as the complete name (or company name), business address, email address, and contact number should be provided. It is also recommended that you include your organization or company logo at the top of the page to make it appear more professional.
Step 3: Item Description
A vital section of a purchase order form is the order itself. The buyer should describe and enumerate, in detail, the products or services they intend to purchase from the supplier. This is usually presented in a table format. List each item down individually with their corresponding quantity and price. You can add a brief description of the item as well under the item or dedicate another column for the product description. And as already discussed earlier, it is important to be specific when it comes to the product description and dimensions. As a buyer, you naturally want the supplier to provide the correct item with the right specifications.
Step 4: Terms and Signature
The last step is to place your printed name and signature at the bottom of the form. A purchase order form is a transactional business document; thus, there needs to be a sender. Along with your name, you can include your designation or position under the signature line. And if applicable, you can also enumerate the terms and conditions of your purchase order. Although it is more common in invoices and billing statements, purchase terms or even just a couple of notes for the supplier may be indicated under the table in your PO form.
What is meant by purchase order?
A purchase order is a commercial document that is submitted by a client or company (the buyer) to a supplier with the intent to buy an item or product.
What is the purpose of a PO?
The purpose of a PO is to formalize and document a transactional order (of goods or services) placed by a buyer to a vendor or supplier.
How does a purchase order work?
A buyer places or submits a purchase order (PO) to a seller, vendor or supplier and specifies the items they intend to buy in the PO form.
Creating a purchase order form is fast and simple when you use a predesigned template. Browse the wide selection of editable and printable templates above to customize your own purchase order today!