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What is Purchasing Cycle Steps Explained about?

The purchasing cycle has 8 steps: 1) Recognize and define the need, 2) Transmit the requisition, 3) Determine supplier sources and select supplier, 4) Prepare and issue a purchase order, 5) Follow up on the order, 6) Receive and inspect the materials, 7) Clear the invoice and pay the supplier, 8) Close out the order records. The first step involves classifying the need and specifying what is required.

Author

Gurpreet Rainu

Language

EN