Supply Chain Glossary

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Acquittal


Source: Procurement Glossary
Author: Paul Rogers
Institute: CIPS - UK

Courtesy of


 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




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Last update 10 Mar 2023
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