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| Re: Could someone please explain what Procurement to Pay and Order to Cash cycles mean? Thanks. [message #566756 is a reply to message #566754] |
Wed, 19 September 2012 04:16  |
Khalil Rehman
Messages: 5
Registered: July 2002
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Junior Member |
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Procure to Pay is the industry standard term for the process that starts with someone in the company requiring goods or services.
stage 1- For various categories of supply your company will have prefererd suppliers so you will need to issue thejm with an "Invitation to Tender".
They will respond with "Quotes"
Based on the quotes your in house expert buyer will "award a contract". This award will be converted into an iProcurement Requisition. This will then be autocreated into a Purchase order.
When the supplier delivers the goods, the storese section receipts the goods on the system and this is used to match to the purchase order and invoice for payment purposes.
This whole cycle is Procure to Pay.
Hope this helps.
Khalil
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