The procure to pay cycle involves requisitioning goods or services, requesting quotations from suppliers, issuing a purchase order, receiving the items or services, receiving and paying an invoice, transferring the transaction to the general ledger, importing any journals, and posting the transaction.

1. Procure to Pay Cycle

2. Requisition

3. Request for Quotation (RFQ)

4. Purchase Order

5. Receipt

6. Invoice

7. Transfer to General Ledger (GL)

8. Journal Import

9. Posting