I have one confusion about Purchase Order and Purchase In...

29/09/2019 08:50 PM

I have one confusion about Purchase Order and Purchase Invoice. Actually when we make Purchase Order and when Purchase Invoice?

Riya Sood
29/09/2019 08:57 PM

You send purchase order to supplier as a legal document to supply goods or services. This has no relevance for you books of accounts unless there is an advance payment involved. After receiving purchase order, supplier sends goods and his commercial invoice. Purchase invoice is a way to enter suppliers commercial invoice in your system. To account vendor’s invoice and take the goods in, you create a purchase invoice. Purchase invoice is posted to your books of accounts. In your books of accounts, purchase invoice number has no relevance for the purpose of compliance. Vendor’s invoice number and date are relevant.

29/09/2019 09:07 PM

Actually in maximum cases we don’t send purchase order. We verbally confirm and bring goods and take invoice/ Challan from them. In this case will we make purchase invoice directly or at first make PO then elevate to PI?

Riya Sood
29/09/2019 09:10 PM

Yes, in such cases you do not need to create PO first. You can create purchase invoice directly. 

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