Use this screen to establish procurement types, which are used in the Manage Purchase Orders screen in Costpoint Purchasing and in Costpoint Procurement Planning functions. Examples of procurement types include "Competitive Bid" and "Sole Source."
Procurement types serve two purposes. You can use them 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.
Use this screen when you initialize Costpoint Purchasing and Costpoint Procurement Planning, or when you maintain procurement types.
Use this field to enter an identification code for this procurement type.
Use this field to enter a descriptive name for this Procurement Type Code.
Use this field to enter the minimum number of vendor quotes the buyer should reference in the Approve Purchase Requisitions and the Approve Purchase Requisition Lines screens when processing a requisition line with this procurement type code. If the vendor does not reference the stated number of quotes, Costpoint displays a warning message.