Use this screen to define procurement type codes and descriptions.
A procurement type code represents the reason your company has selected a specific vendor from which to purchase a product, good, or service.
"CB" (Competitive Bid) and "SS" (Sole Source), for example, might represent procurement type codes.
You can use procurement types to categorize requisition lines and to instruct buyers on how many quotes should be obtained before the requisition line is generated into a purchase order.
You should define entries in this screen as part of your initial setup of the Materials applications, or when you need to add or edit a procurement type.
The procurement type codes must be established before they can be used on purchase orders.
Enter up to two alphanumeric characters to identify the procurement type code.
Enter up to 30 alphanumeric characters to describe the procurement type code.
Enter a minimum value, up to 99, to designate the number of vendor quotes the buyer should reference in the Requisition Processing and the Requisition Processing by Line screens (Materials\Transactions\Purchase Requisitions).
If the requisition does not have the appropriate number of vendor quotes, Costpoint will display a warning message.
The display of this warning message, however, does not prevent you from creating a purchase order. The warning message, therefore, is strictly informational.
Changes to this screen update the PROCUR_TYPE (Procurement Type) table.