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Purchase Orders. Student Activities Office. What is a purchase order?. It is proof of MIT’s commitment to pay an outside vendor A PO does not: Authorize checks. Separate vouchers are required for checks. The final and all invoices need to be signed/approved by a signatory.
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Purchase Orders Student Activities Office
What is a purchase order? • It is proof of MIT’s commitment to pay an outside vendor • A PO does not: • Authorize checks. Separate vouchers are required for checks. • The final and all invoices need to be signed/approved by a signatory.
When do you use a purchase order? • Purchase of any capital goods • Purchases over $5k • Purchases that go over a length of time where deposits are needed • Recurring orders with the same company
Types of Purchase Orders There are 2 types of Purchase Orders: • Standard: one time use for a specific event, program or purchase • Blanket: used repetitively during the academic year
Name of company Address of company Federal ID of company Phone Fax Selection of Source over 5k Description of Event (Amount people /food/ entertainment/event timing) Itemized Quote What does SAO Need? This all goes on the SAO Voucher
Selection of Source Can be found at: http://vpf.mit.edu/index.php/site/procurement/forms_and_templates
What do you do after event? • Get Final Invoice • Initial the invoice • Complete a voucher • This tells us to pay on the Purchase order **IF YOU DO NOT OK THE INVOICE/SUBMIT IT TO US WE WILL NOT PAY IT**
