The process of reconciliation of procurement card statements, including the verification of the purpose of the expenditure and the allocation of charges to the appropriate cost centre. This process involves allocating the amount on a statement from the card provider to a cost centre or project code. The cost of the invoice payment process using e-Commerce and a procurement card is estimated to be less than a third of the cost of the equivalent process featuring paper based purchase orders and invoices. See also Procurement Card.« Back to Glossary Index
Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.