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Transfer invoice for Procurement

so first of all uh this is VJ uh which we all know that uh I will cover some of the process related uh information uh and uh so it's long back to see about uh our channel so today we are going to see about purchase order and invoice generally uh if you go to the purchase order so purchase what do you mean by purchase order so it is a document so the what the buyer and the seller uh what is there between relationship between buyer and seller that is called purchase order like uh some of the documents so purchase order is a document a buyer sends here to a seller to request goods or services it list what the buyer wants to buy how much they have to buy uh and the price once the seller agrees it becomes a contract uh that both parties must follow so here what they are actually telling is uh purchase order is a formal document which was uh issued by a buyer to a seller uh so it indicates the buyer uh in terms of purchase of goods or services and it specifies mainly the details of the purchase order which such as types quantities and prices of the products or services so uh in the PO it serves legally uh blinding contract which was seller accepted so it ensures both parties are clear on the terms of transaction so uh in this uh they are clearing the uh transactions of uh both uh so what are all the uh quantity what are all the transaction between the buyer and seller they are just ensuring the terms of transaction and this documents helping streamline the doc procument process and provides a record for both the buyer and the seller so meanwhile uh they are making a document which helps the record for both the buyer and seller so here uh the buyer is uh sending a seller to request the goods or services so that the buyer uh will buy the goods and uh how much they want uh with a good price and seller also agree upon the both contract uh this is known as purchase order and the invoice so these are all both the documents are very important uh for the procurment process but they serve different purposes and are issued at different stages here is a breakdown of each and the differences between them so in simple terms you can say a purchase order is what the buyer sends to other something and an invoice is what seller sends to get paid for what uh was delivered so the purchase purchase orderers begin with a buyers transactions uh they are ordering they are buying something and they are sending um sending some orders for for something and invoice was generated and the invoice was given by seller so uh after the buyer has uh paying the invoice so the s will generate invoice and they will uh the uh like the invoice will be delivered to the buyer so purchase order will be issued by the buyer the purpose of purchase order is a formal document sent from the buyer to the seller or supplier to request goods or services it routin what it what is needed the quantities the agreed upon prices delivery schedules under terms and conditions so it will be issued by the buyer so it is a formal document which we know so send from the buyer to the seller for requesting any goods or services so the seller will uh the buyer will send the documents for their goods and services so uh in that they will outline what they what is the purpose they want so what are all the needed the goods and quantities so there will be some of the agreed upon terms and the delivery schedule like uh which date it should be delivered and there was some of the terms and conditions uh will be mentioned by the buyer and when it is used at the beginning of the procurement process it is the buyer's way of authorizing the purchase and the confirming the details of the transaction before the goods or services are delivered so in this it is beginning of the procurement process so in that what the buyer what they will do they will authorize the purchase and they will confirm the details of the transaction before uh the goods or services are delivered so in this the buyer uh is authorizing some of the details of what they want to purchase and what what are all the details they want to conform with the transactions before the uh goods or services are delivered they will uh list some of the items uh like uh PO number for tracking and and the description of the items of uh Services uh quantity price per unit delivery date and location per payment terms so uh each and everything uh the the key information will be included uh PO number for tracking description of the items so uh PO number will be given by the seller uh because of uh we can track with the online right so after that description of the terms and services uh so there will be some of the description items and services so like mobile or any suitcase or um a pillow or any picture or anything uh appliances or book or uh like uh uh belt or bag or bed or CH we are ordering something so there will be some of the description for the certain items and services so and the quantity of the goods so so how much uh they are ordering uh quantity so there will be like three or four quantity they will be ordered like four pillows or four uh bed like that so price per unit uh so for one pillow there will be like 100 rupees 4 into four quantity into price 400 likewise delivery date and location which time they want to deliver and which time location and the payment terms each and everything will be updated payment terms like uh online payment or cash payment or C payments likewise electronic online payments likewise they will electronic payments check so that will some of the payment terms will be there basically invoice was issued by the seller to the supplier so what a purpose here they are updating means so invoices a financial document sent by the seller to the buyer requesting payment for the goods or services that have been delivered it confirms what was provided and how much the buyer goes so in this they are updating about it is a financial document and which was uh sent to the uh seller and buyer seller to the buyer so here the transaction between again seller to the buyer first in purchase order we checked about buyer to the seller in invoice we are checking about uh where dating about seller to the buyer and uh seller is requesting the payment for the goods or services which was delivered so they will uh made some invoice they will generate invoice from the seller side and the what are all the buyer ordered what are all the buyer listed they will update all the transaction of the goods or services so that have been delivered right so like payment related or transaction some of the details they will update from the seller side and it it confirms was provider and how much the buyer was so after that the seller will confirm how much uh they have provided and how much the buyer updated all the things and when it is used after the goods or services have been delivered or provided it is a seller request or payment based on the terms agreed upon in the PO so uh when it will be used so uh here they are saying uh updating about after the goods or services it will be uh delivered so the seller will request the pay payment so uh after the uh the goods will be delivered to the buyer side so seller will request for the payment and uh what with the agreed upon in the PO what are all the PO they mentioned with the agreed and basic conditions so or the seller is asking for the payment with the agreed upon the terms with the PO so what are all the key information included here invoice number tracking so they will update some invoice number for tracking we can uh track that invoice number in the Google itself description of the items or Services delivered so description means like how much product theyve ordered so the some of the description will be uh mentioned and how much quantity they deliver they will update in their system and total amount due they have to pay so the buyer uh needs to pay the amount due uh they mention the amount due and payment terms example due date so how much like uh the seller will generate the invoice and the payment you and payment uh uh terms will be updated payment terms means like 20 or 25th July needs to pay so uh the due date will be the 25th July means in the 255th July itself the buyer buyer has to pay if they didn't pay it will be due okay so it will add as a net due sellers contract and uh it will add as a uh due and they have to pay the additional charges also sellers contact and payment details here uh they will update like ABC private limited uh from uh K mangala main road so there will be some and address Bangalore uh and uh pin code will be 5628 likewise they will update the payment details 5618 likewise 5678 likewise 5688 likewise they will update the contact details and payment details also how much they have to pay like and invoice so there was a difference between the purchase order and invoice so issued by buyer and seller uh from purchase order s issued by buyer and invoice was uh generated by seller or supplier so what is the purpose for purchase order which we know that they will buyer will request goods and services and they will uh agree that uh terms and conditions and they will uh confirm the transaction terms and uh in the invoice the seller will uh request payment for goods or services which they provided and they will generate the invoice and timing will be uh before the goods or services are delivered from the purchase order side and after the goods or services are delivered from the invoice side content Focus so here what is to be supplied and what under what terms so PO number description item Services quantity so likewise we see right so um and then what has been supplied how much is to be woved so uh here the content will be uh how much the purchase order is uh they updating their goods and services how much transaction they updated likewise uh what are all the goods to be supplied likewise they will update from the purchase order side and customer will update uh purchase order they will update and the invoice will be supplied upon how much uh they have uh W so like uh key information which we can say PO number or description of items and services quantity of the goods price per unit how much uh the qu uh Goods there will be some of the price and delivery date and location payment terms invoice uh from the invoice s they will update the invoice number description of item Services delivered quantity of the delivered total amount due payment terms sellers contact payment details so uh these are all the following key information which was followed by the purchase order and invoice Department role in process initiates of purchase processes so uh the purchase order team will initiate the purchase processes what is to be um by so what are all the things uh they have mentioned on the description PO number quantity price uh delivery date payment terms uh invoice team will conclude with the transaction of requesting payment so invoice team what they will do after generating the invoice so Goods will be uh delivered to the purchase order so they will request for the payment and they will uh have to agreed upon the terms which was uh done by purchase order and invoice so it will conclude the transaction by requesting the payment so thank you all uh today uh we have covered about purchase order invoice so I hope uh this will be useful for you uh once again uh it's very pleasure to uh have done a video about the purchase order invoice uh we will update lots of videos about next next uh terms so I have like I will update some of the process related uh updates I will update uh what are all the current updates in India so so many things are there right so I will update all the things thank you e