PO FAQs
A purchase order must be created for any commitment over $10,000. A Purchase Order acts as a contractual agreement between the supplier of the goods/services and the University. Should there be any exceptional circumstances, an approval must be obtained from Chief Financial Officer prior to placing any orders.
As a Purchasing Officer, it is your responsibility to ensure that the following procurement aspects are addressed prior to raising a Purchase Order in FinanceOne:
Independent Contractors – give consideration to whether the supplier you engage is an employee or a contractor. Refer to the guidance available for Independent Contractors for further information.
Typically, capitalisation takes place when the value of the purchase is more than $10,000. Items purchased for less than $10,000 generally cannot be capitalised. When purchase is more than $10,000, you will need to complete FS65 Asset addition and provide to your local Accounting Team.