PO Stands for Purchase Orders. These are the documents created by buyer of goods or service, confirming the purchase or requesting the seller to make the supply. Now, in business, it will be very important to keep track of all the procurement made. Thus, the importance of this tracker differs with the size and nature of the business.
For management of procurement and creation of purchase orders, entity may implement ERP solutions like SAP, Dymanic365 etc. However, sometimes entities choose to create manual purchase orders as well. In such case, list of purchase orders (PO) created in a period of time, along with tax and other component paid towards each procurement is good to have information. In ERP like SAP, Purchase order list can be extracted using T-Codes like ME2N or ME2L or tables like EKKO and EKPO.
This template will help you keep track of all the items procured, respective purchase orders and other information like:
- Invoice type, supplier information, supplier invoice number
- VAT rate applicable
- Address and other basic information of supplier
- Item description, price, net value, VAT amount/ Tax amount
- PO Number, PO Item
- Cost object
- Service entry sheet number etc.
Thus, the intention and use of this template is to keep track of all the Purchase orders issued to any particular Vendor/ Supplier. For example, a supplier may issue single invoice for multiple purchase orders issued and materials supplied.
Three way match concept
Now, this tracker template will help in three way match of;
- Procurement order released
- Items accepted along with quantity and value
- Invoice received and payment to be made.
Three way match is a very important concept in business. In simple words, it is the process of comparing the purchase order, invoice, and goods receipt to make sure they match, prior to approving the invoice. Since, this excel template is fully customizable, you can add more fields and columns to make your own version.
