Procurement
What is it?
When we say Procurement, we mean …
- Requesting goods and services via a Requisition
- Reviewing for financial accuracy and compliance
- Issuing Purchase Orders to Suppliers
Key Terminology
Formal request to purchase goods and/or services. Creates a Purchase Order once approved.
Legacy Term: Form for Outside Suppliers
Standardized numerical identifier used to classify and categorize goods and services. UF uses UNSPSC (United Nations Standard Products and Services Code).
Legacy Term: Commodity Code
Classification used to categorize expenditures of goods and services. Spend Categories are mapped to ledger accounts, ensuring proper financial recording.
Legacy Term: Account
Returns requisition to initiator. Initiator can make changes to the requisition and resubmit.
Legacy Term: Return
Budgetary unit where financial transactions are recorded, showing ownership and accountability for those transactions.
Legacy Term: Department ID
Organization to track funding source types other than Gift or Grants and which necessitate a level of granularity prompted by institutional financial reporting requirements.