Procurement Glossary of Terms
Cost savings - spending less than previously spent or less than quoted options.
Cost avoidance - reduction or elimination of a new cost that would have otherwise occurred
eShipGlobal - Yale’s online shipping solution, eShipGlobal, allows you to create airbills and track shipments with FedEx, UPS and DHL through third-party services which significantly reduces invoice errors in addition to providing many other online features.
OK-to-Pay invoice – an invoice not associated with a purchase order. Typically amount is <= $2,000 or under and sent directly to department by vendor for payment approval.
Purchase Requisition – a departmental request for a standard purchase order when required by policy and procedure or vendor. Typically used for high-dollar, high-risk transactions over $2,000.
Purchasing Card (“P-Card”) – a MasterCard issued by JPMorgan assigned to a person in a Yale department (Individual Card) for business purposes or in the name of the department (Department Card). Use when transactions are low-dollar, low-risk and a purchase order is not required. Often a preferred method of payment for Internet and point-of-sale purchases.
Workday/SciQuest Purchase Requisitions - Yale’s online catalog and ordering solution. This electronic requisitioning tool helps you to quickly locate best pricing with our preferred suppliers, find an item available through the Yale stockrooms, compare products across suppliers and much more. Workday SciQuest users create purchase requisitions that once approved, become purchase orders.
Standard Purchase Order – order placed by Procurement at the request of department by purchase requisition because it is required by policy and procedure or vendor. Typically used for high-dollar, high-risk transactions over $2,000.
Supplier/Vendor- a supplier of goods and services that typically is incorporated, bills on an invoice and has multiple transactions with the University. (see Vendor Setup)