EDUCATION 101: Purchasing Records

Principles of Supply and Procurement

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PURCHASING RECORDS

Purchasing records are concerned with the storage of information with manual systems. This information will be entered on card indexes or filled in appropriate systems. Computerization using master files or databases not only enables vast amounts of information to be stored but also obviates duplication and ensures the efficient retrieval of data. A part from files of requisitions’, purchase orders and other original documents, purchase records may include;

  • Supplier index giving details of supplier performance relating to price, quality delivery among others.
  • Supplier visits giving details of visits paid to suppliers to inspect their facilities
  • Records of items purchased giving details of standard descriptions of bought out and particulars of suppliers and the orders placed.
  • Price trends of ‘sensitive’ commodities _ Graphs of the trend of prices
  • Records of materials issued to subcontractors
  • Jigs, tools and patterns owned by purchaser whether in the possession of suppliers or otherwise.
  • Contact records; that is contracts from the supply of materials or components over a specified period of time to:
  • . Provide information regarding the number of orders placed @time
  • i. Facilitate reference to orders placed and filed alphabetically/numerically.

The question sometimes raised regarding the period for which records providing evidence relating to contractors such as order terms, acknowledgements and related correspondence should be based on such considerations as the size of the possible payments and the possibility, however emote of legal action. For small amounts, records need to be kept for longer than the expiry of the contractor. For substantial contracts is prudent to retain evidence for a minimum six years.

 

****************Happy Madaraka Day…………………….

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