Here is a Purchase Order Log Template that can help anyone to quickly and effectively track or log purchase transactions for any business or organization. It requires you to input contact details, company logo and then details of each and every item being purchased. This is an important log template that can help in tracking purchases of all the items with reference to time and quantity. Since it is created using MS Word so it is very easy to use and customize. This Log Template allows you to specify what product is being offered referring to its category, vendor and payment details (check or cash). It also allows you to specify Purchase Order number per product items (as it my differ).
Purchase order is an agreement that empowers a seller to disburse funds in order to determine goods or services. It is an important part of the financial and accounting aspect of any business. The purchase order log consists of a detailed record of all orders that have been purchased. It comprises of all orders that have been fulfilled, canceled or voided.
The purchase order log is an ongoing record of all purchases and serves as a record epicenter for all purchased products and services, which can be referenced easily and effortlessly. It includes records and details of the nature of each product or service sold, to whom and under what conditions, as well as the payment terms and any interest rates, if any.
It is important that the purchase order log must have its equivalent in an invoice record, which does the same thing for the seller, i.e. recording and adding details such as nature of the product or service, its buyer, and the circumstances in which each product or service has been sold.
Here is preview of this Purchase Order Log Template,
Purchase order logs are used by all companies, enterprises, and corporations for different reasons. In fact, the log is considered preferable as the template for invoices. These logs allow a purchasing agent to keep and maintain the record of all incoming orders as well as pending orders. The good thing about them is that they provide frugalities in that they rationalize the purchasing process to a standard procedure. Many financial institutions offer financial support on the basis of purchase orders. A number of trade finance facilities are provided to businesses against purchase orders, which includes before shipment credit facility, post shipment credit facility, foreign bill purchase credit facility, trade finance facility, order confirmation, and a bill retirement credit facility. All of these are included in the purchase order log.
There are also electronic purchase order logs that make it easy for the purchasing agent to manage and keep the record up-to-date. These types of purchase order logs are mostly used to keep record of goods or services that are purchased online.
The purpose of using the purchase order log is to keep record of purchase orders of all the products with reference to time and quantity. Companies, enterprises, and corporations use purchase order logs in order to keep their purchase records organized while conducting business. Mostly the purchasing officer is responsible for keeping this log up-to-date.
Purchase order log generally contains a set of columns. The most important column headings include the followings:
- Purchase Order (PO) Number
- Paid Status
- Payment Method (Check, Cash, and Credit), and
- Amount of Payment
All of these columns, when included in the purchase order log, allow the purchasing agent to specify the type of product or nature of service that is being purchased along with its category, vendor and payment details. Moreover, it also helps in stating PO number per product item, as it may vary, depending on the nature of the products offered by the particular organization.
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