How To Make Effective Purchase Order Template Singapore
A purchase order template Singapore is a type of order form for goods or services that is typically used in business-to-business transactions between a buyer and a supplier. A buyer submits a purchase order that specifies the type and quantity of goods needed along with shipping instructions. If the vendor is able to fulfill the request, they accept the PO, and the two parties enter into a mutual agreement. In this way, a purchase order can serve as a contract, including outlining terms and conditions to provide some legal protection to both buyer and seller.
Many small businesses rely on purchase order template Singapore to manage their ordering process and avoid hassles and costs that can be associated with using PO software. Using customized purchase order template Singapore can help standardize the ordering process, ensure accurate record-keeping, and save time.
What Makes a Great Purchase Order?
Since purchase orders list goods or services along with pricing and shipping information, they often resemble invoices. However, invoices are sent by sellers to indicate payments owed, whereas buyers send purchase orders to initiate a purchase. Buyers and sellers use a PO to create an agreement, which may be for a one-time order or an ongoing buying cycle. Businesses that have ongoing relationships with vendors often order items on credit and are then invoiced by the supplier at regular intervals. Purchase orders then become an important part of managing accounts payable. Listing any negotiation on pricing on the PO (such as discounts for large quantities) provides both parties with clear information about the order.
In some cases, a purchase order may take the form of a letter with order details, shipping instructions, and any terms and conditions written out. One advantage of listing order details in a table or spreadsheet format is that viewers can quickly see the type and number of items being requested. An Excel template or other spreadsheet option also provides the benefit of automatic calculations for adding item subtotals and the grand total cost. No matter what format you choose, a purchase order generally includes the following details:
- A purchase order number and issue date for tracking
- Company information, including contact information for both the requisitioner and vendor
- Order details, such as item numbers, descriptions, costs, and quantities needed
- Shipping instructions, which may include an Free on Board (FOB) shipping point, or the point at which the buyer assumes responsibility for shipping costs
- Authorization signatures to accept the agreed upon order, including any terms and conditions
Once you create a purchase order, you send it to a supplier via email. If you’re using any of the Excel templates listed below, save your completed order as a PDF file to provide vendors with a printable PO form. The main purpose of a purchase order is to provide clear communication and documentation between customers and vendors, so aim for clarity and simplicity as you create purchase orders. This can also help boost efficiency and streamline the purchasing process.
Also read: STANDARD TERMS AND CONDITIONS OF PURCHASE
Purchase Order Template Singapore
Generic Purchase Order Template – Excel
This template includes customer and purchase order numbers for tracking, vendor details, shipping information, and an itemized list of goods. Enter an identification number, quantity, and cost for each item being ordered, and the purchase order template Singapore will calculate subtotals and the grand total cost, including tax and shipping charges. There is also room to add comments or instructions, and you can attach lengthier terms and conditions as needed.
Purchase Order with Price List – Google Sheets
This purchase order template Singapore also doubles as a price list, so you can compile a list of commonly ordered items to expedite the purchasing process. Create separate price lists for multiple vendors, and update them regularly to ensure accuracy. You can save this Google Sheets template to your Google Drive account, and print it as a PDF file.
Blanket purchase order template Singapore
A blanket order may be used when an agreement is made between a buyer and vendor for multiple deliveries over a set time period. Special pricing may be negotiated as part of the deal, and details about the order along with terms and conditions are included in this blanket purchase agreement. You can also add your own terms to this template, which provides spaces for order information and authorization signatures.
Purchase Order Form with Images
In addition to item numbers and descriptions, this template allows you to include images. This feature may be particularly helpful when ordering similar parts or items, thereby supporting accuracy when ordering as well as when filling the order. This template is available as an Excel, Word or PDF file.
Also Read: NDA Data Protection: The Importance, Its Meaning And Laws
Blank Purchase Order Form
Create a customized purchase order by editing and filling in the fields provided on this blank form. The purchase order template Singapore offers a simple layout with sections to add an order number, delivery instructions, unit prices, and quantities ordered. You can customize the template further by adding a company logo, terms and conditions, and any other details required by your business or the supplier.
Purchase Requisition Template
This purchase requisition template can be used to communicate with a purchasing department. Enter the items you need to order, vendor information, reason for the request, and billing info, and then submit the requisition to whoever is in charge of placing orders. They can then approve the request and create an official PO to order the items listed.
Purchase Order Tracking Template
Track your outstanding orders with this simple spreadsheet template. You can keep track of purchase order numbers, vendor names, payment amounts, and delivery dates. Tracking purchase orders can help ensure that all orders have been paid in full and completed on time. Filter the spreadsheet to view individual suppliers, outstanding payments, or other info.
Purchase Order Checklist
Vendors can provide customers with this checklist template as a guide for creating and submitting purchase orders. List any elements that will provide customers with a clear understanding of the PO requirements. This can save time, simplify the process, and help you reach an agreement quickly.
Also read: Purchase Orders Singapore
Do You Know That Data on Purchase Orders Are Protected Under the PDPA?
Recently, the Personal Data Protection Commission (PDPC) published decisions on the fate of several organizations who committed data breach. By definition, a data breach occurs when there’s unauthorized access, collection, use, disclosure, copying, modification, or disposal of personal data. If you are issuing purchase orders, it is your responsibility to ensure that all personal information shared and encoded there are protected.
See how Privacy Ninja can help you and your organization be equipped with the know-how on full PDPA compliance. Click here to get started.