Requisition - Definition
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What is a Requisition?
Requisition is often used in procurement, it refers to a formal way of requesting goods and services form a department or supplier. It is generally in written form.
There are certain situations where requisitions are used outside of purchase and procurement. In the general sense, when a requisition is used, it means a request has formally been made and certain actions are expected to follow.
In the case of a purchase requisition, an employee who writes it is making a formal request for certain goods and services to be provided.
A requisition generally includes the following information:
- The date the request is made,
- the name of the person making the request,
- details of supplies requested,
- the date of delivery,
- the point of delivery, and
- the company responsible for the request.
- The individual writing a requisition must append his or her signature at the end.
Purchase Requisition or Purchase Order?
A purchase requisition is also called a purchase order, it is a written and formal request for goods and services. Large companies often use the purchase requisition process when employees need to procure certain goods and services from a department in the company. A purchase order can also be used by companies to order or request goods an services from external companies, vendors, and suppliers. When used for this purpose, it is a contractual agreement between companies that contains the details of the request, the items being purchased, their quantity, prices, payment plans, delivery dates and other information.