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Purchase orders and invoices for Procurement

comparing purchase order versus invoice versus sales order purchase orders sales orders invoices what a complicated mess of similar business terms what is a purchase order a purchase order is created by a business to communicate a list of goods or services they'd like to purchase from A supplier what is a sales order a sales order is created by a supplier to confirm that they can supply the goods and services requested for purchase by the buying party what is an in an invoice is created by a business to request a payment that's due from someone who purchased goods or services from them what are the similarities and differences between purchase orders and invoices both POS and invoices contain details about the purchase such as the goods and services that were ordered the quantities of the order and the price of what was ordered both documents are used by Financial Accounting departments to keep accurate purchasing accounts payable and Sal sales accounts receivable records on file a PO is sent from the buyer and received by A supplier while an invoice is sent from the supplier and received by a buyer a PO indicates the intent for a purchase to take place while an invoice indicates that a sale took place that requires payment what are the similarities and differences between purchase orders and sales orders both POS and SOS have the list of goods and services that will involved in the transaction listed on them both POS and SOS are legally binding documents when the receiving party of either document accepts it POS are created and issued by the buying party while SOS are created and issued by the selling party a PO is sent to the supplier without Theo number on it while Theo is sent to the buyer with the PO number included on Theo document a sales order which has a purchase order number on it acts as a supplier's compliance with the terms of the PO what are the similarities differences between sales orders and invoices both SOS and invoices are documents that are sent by the supplier to the buyer as part of the purchasing process both SOS and invoices will be branded with the supplier's logo in most cases the so indicates the date upon which a poo from a buyer has begun being processed while an invoice indicates the date upon which the cost of goods and services are being build to the buying party the so is sent to the buyer as soon as a PO is processed from a buyer while an invoice is sent to the buyer only after payment for goods and services rendered is expected by the supplier typically after the goods and services have been delivered in full purchase orders invoices and sales orders each have an important role to play in the purchase to pay P2P process understanding the function of each document can save a lot of confusion during business transactions