M20_Review (Procurement)

the group in the Controller's Office that is responsible for payments to vendors

• Fixed Assets

• Accounts Receivable

• Accounts Payable

• Payroll

electronically approves HokieMart requisitions; checks to make sure the item is appropriate for purchase and that the proper fund and account code is used

• approver

• receiver

Virginia Tech's e-procurement system, which provides an effective and efficient purchasing process, including online access to many vendors, an automated interface to Banner Finance, and the ability to secure better pricing of commonly-used products

• Banner

• HokieMart

• MicroStrategy

• Chrome River

act of acquiring something, selecting vendors, establish payment terms

• Procurement

• Purchasing

a document issued to a seller indicating types, quantities, and agreed prices for products or services

• Purchase Order (PO)

• Change Order

• Payment Request

• Prepayment

a type of Commercial Credit Card that allows organizations to have an optional method for purchasing goods and services with a limit up to $2,000 per transaction

• Purchasing Card (P-Card)

• Travel Card

• Personal Credit Card

the person who physically receives pages, and/or electronically "receives" them in the HokieMart system. This receipt initiates the payment process

• Receiver

• Requestor

• Approver

a public solicitation for proposals to be submitted for consideration, evaluation, negotiation and award

• Request for Proposal (RFP)

• Contract

• Bid

• Grant

In HokieMart, the individual who initiates the purchase of goods and services. They shop for items and create a "cart' that will be approved and become a purchase order.

• Receiver

• Requestor

• Approver

when a product or service is practicably available only from one source; must be justified in writing by the department and approved by procurement

• purchase order

• sole source

• request for proposal

• bid