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Traveling format billing for Purchasing

are you wondering what a purchase order is what its purpose is and where it fits into the purchasing process if that's you you've come to the right place welcome to bullseye money the channel that helps business owners like you understand finance and today we're going to talk about what is a purchase order along with quotes and invoices a purchase order is a document that may be required during the purchase process typically there are two main parties involved in the purchase process the buyer and the seller the two parties will usually start the purchase process by negotiating the terms such as the type volume and price of the goods and services that will be purchased and other terms such as the delivery date once the negotiations have finished the buyer will create the purchase order and send it to the seller if the seller accepts the terms they will respond with a purchase order confirmation at this point a legally binding contract between the buyer and seller has been created this means like any other commercial contract it is important to include as many details as possible on your purchase orders so when creating purchase orders for your business you may include details such as the name of each item the quantity of each item the price of each item any stock keeping unit codes unique purchase order number delivery dates names of the buyer and the seller and contact details of the buyer and seller as you can see purchase orders are not only useful for documenting the purchase of products and services but also in creating a legally binding contract so as a general rule the more information you include on your purchase orders the better so that's it for purchase orders if you would like to learn more about the purchase process check out our videos on invoices quotes and other related topics