If yes, explain what a P2P cycle?

Question

Accepted Answer

P2P cycle stands for Procure to Pay cycle, which is the process of obtaining goods or services from a supplier and paying for them.

P2P cycle involves requisitioning, purchasing, receiving, and paying for goods or services.
It starts with creating a purchase requisition, followed by supplier selection and purchase order creation.
Goods or services are then received, inspected, and accepted.
Finally, invoices are matched with purchase orders and goods receipts before payment is made.
Example: A company needs to purchase office supplies, so they create a purchase requisition, select a supplier, create a purchase order, receive the supplies, match the invoice, and make the payment.

Accepted Answer

It's a standard procedure to procure an item from a external vendor it consists of following steps
1.determination of requirements
2.source determination
3.vendor selection
4.po processing
5.order monitoring 
6.goods receipt
7.invoice verification
8.payment

Accepted Answer

If no, How do choose a supplier if you had to procure a material?

If yes, explain what a P2P cycle?

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