Determine the Best Purchasing Method Step-by-Step

LAST UPDATED: June 25, 2014

Determine the Best Purchasing Method Step-by-Step

Important Information

Depending on what you need to purchase, there is a best way to identify a vendor and a right way to pay for it.

Before you buy, make sure the potential purchase is allowable, reasonable and appropriate.

  • Does your funding source restrict this type of purchase?
  • Is the amount you plan to spend prudent and necessary?
  • Is there anything about the purchase that would conflict with institutional core values or cause reputational risk to the University?

If you buy through the MarketPlace or a purchasing contract supplier, you may spend up to $2,500 without purchasing review. If you don’t buy from one of our purchasing contract suppliers, a review is necessary for purchases greater than $2,500, and competitive bids are required for purchases greater than $5,000.

Step-by-Step

  • 1

    Decide what product or service you need to purchase.

  • 2

    Is the product or service available in the MarketPlace? If so, place the order using the MarketPlace .  If not, review the purchasing contract suppliers list and determine if a contract exists for the category.

  • 3

    If a contract exists for the category, then utilize the PeopleSoft purchasing module to generate a requisition or purchase order.  Prior to placing the order, please consider the following:

For orders below $5,000:

  • If the item is less than $2,500 and not available in the MarketPlace, use the departmental credit card or submit a requisition using PeopleSoft.
  • If the item is between $2,500 and $4,999, submit a requisition using PeopleSoft.

For orders of $5,000 or greater and not with an existing contract supplier, items must be competitively bid through our RFP/bid process or substantiated with sole source justification and purchased via requisition in PeopleSoft.
 

For more information

Tags:

 

CONTACT US

finance@princeton.edu
Tel (609) 258-3080
Fax (609) 258-0442

Princeton University
Office of Finance & Treasury
701 Carnegie Center
Princeton, NJ 08540

Google Map
Princeton Shuttle

FINANCIAL SERVICE CENTER

7 New South
Tel (609) 258-3080
Fax (609) 258-5040
Open Monday through Friday,
8:30 am — 4:30 pm

SERVICES INCLUDE

Customer service, cashiering,
check pick-up, financial system access

FINANCE NEWSLETTER

The General Ledger is your link to updates on people, policies, and other information related to financial transactions at the University.

Download Current Issue
Download Past Issues
Subscribe

WE WANT YOUR FEEDBACK!

How can we better serve you? Submit comments, questions, and ideas to our customer service department.

finance@princeton.edu