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Purchasing Methods

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Different Methods of Purchasing
There are several ways that you can make a purchase:
» Petty cash
» Purchasing card
» Request for Payment
» Purchase orders

When to Use the Different Methods of Purchasing
The following table shows when to use the different methods for acquiring goods and services. These are the upper limits approved by the Institution that a department or administrative unit can not exceed. A department may set actual transaction limits or administrative unit may be lower than the limit stated here. Consult your department to find out your specific limits. Explanations of each category follows the table.
Dollar Value Petty Cash Purchasing Card Request For Payment Purchase Order
Less than $100 recommended recommended not recommended not recommended
$101 to $500 not available recommended recommended not recommended
$501 to $2,500 not available recommended recommended not recommended
$2501 to $9,999 not available not available recommended as needed
$10,000 and Over not available not available not available required

Less than $100.00

The Institution gives you three ways to procure items totaling $100.00 or less:
  1. Use your own cash or credit card and submit the original sales slip with a Petty Cash Request to the Cashier in the Controller's Office. You will be given cash on the spot. Petty cash is also handled in Fenno House Room 234 on Tuesday and Thursday from 2:00 to 4:00.
  2. Submit the original sales slip, with a Request For Payment, to Accounts Payable. A check will be sent to you in about 5 business days.
  3. Many individuals have been assigned purchasing cards. Payments made for items purchased on the card are made electronically. Procedures for acquiring and using this card are provided in the Procurement Guide.


 





Last updated: June 26, 2014
 


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