P2P Cycle in Oracle ERP | What is procure to pay cycle | P2P in Oracle ERP | Fox Oracle Apps
Welcome to our channel! In this video, we dive into the Procure-to-Pay (P2P) cycle within Oracle ERP, a crucial process for managing procurement efficiently. Whether you're new to Oracle Fusion ERP or looking to deepen your understanding, this comprehensive guide covers each step of the P2P process:
Purchase Requisition: Initiating the procurement process by identifying the need for goods or services.
Request for Quotation (RFQ)/Quotation: Soliciting competitive bids from vendors to fulfill the requisition.
Purchase Order: Formalizing the agreement with the chosen vendor regarding quantity, price, and terms.
Goods Receipt Note (GRN): Confirming the receipt of goods or services as per the purchase order.
Invoice: Receiving and verifying the invoice from the vendor for payment.
Payment: Processing the payment to the vendor based on the agreed terms.
Reconciliation: Ensuring that all transactions are accurately recorded and accounted for in the ERP system.
Whether you're a business professional, consultant, or student, understanding the P2P cycle is essential for optimizing procurement operations and financial management. Stay tuned as we explore each step in detail, offering practical insights and tips for leveraging Oracle Fusion ERP effectively.
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