electronically approves HokieMart requisitions; checks to make sure the item is appropriate for purchase and that the proper fund and account code is used

Virginia Tech's e-procurement system, which provides an effective and efficient purchasing process, including online access to many vendors, an automated interface to Banner Finance, and the ability to secure better pricing of commonly-used products

act of acquiring something, selecting vendors, establish payment terms

a document issued to a seller indicating types, quantities, and agreed prices for products or services

a type of Commercial Credit Card that allows organizations to have an optional method for purchasing goods and services with a limit up to $2,000 per transaction

the person who physically receives pages, and/or electronically "receives" them in the HokieMart system. This receipt initiates the payment process

a public solicitation for proposals to be submitted for consideration, evaluation, negotiation and award

In HokieMart, the individual who initiates the purchase of goods and services. They shop for items and create a "cart' that will be approved and become a purchase order.

when a product or service is practicably available only from one source; must be justified in writing by the department and approved by procurement

a person or company offering something for sale

requires more than one source (i.e. company, contractor, etc.) to submit a bid

in HokieMart and Banner Finance, an amount required to fund the item is set aside and accounted for as an obligation; ceases when commitment is paid or canceled

In purchasing, indicates that a company may have the exact item needed for research that no one else may offer so Virginia Tech doesn't need competitive process

requires that payment be remitted to vendors within 30 days of the receipt of the vendor's invoice or the receipt of the purchased goods or services, whichever is later

A 6-digit ID number that allows you to record expenses for a specific activity.

a specific way of identifying what has been purchased in HokieMart; remember, Fixed Assets uses these to track equipment vs. supplies.

Virginia Tech is committed to the establishment, preservation, and strengthening of these types of businesses