What Is Purchase Requisition?

What Is Purchase Requisition?

A purchase Requisition is a type of form or document that is required to be filled when there is a request for an order or purchase by an employee. A Purchase Requisition form will contain all the information regarding the purpose and use of the purchase.

The intention behind a purchase requisition is to authenticate that the purchase is relevant and the need for the item or the equipment is imperative. A purchase requisition form protects your company from the risk of fraud and verifies that the purchases are not made for the employees' personal interest. It helps maintain transparency in your business.

These are the following information ought to be included in the purchase requisition form:

• Employee's name and department

• The date on which the purchase has been requested

• The name of the item required

• The quantity of the item required

• The purpose of the purchase

• The estimated cost of the item.