Standard Purchase Orders
You generally create standard purchase orders for one–time purchase of various items. You create standard purchase orders when you know the details of the goods or services you require, estimated costs, quantities, delivery schedules, and accounting distributions.
Blanket Purchase Agreements
You create blanket purchase agreements when you know the detail of the goods or services you plan to buy from a specific supplier in a period, but you do not yet know the detail of your delivery schedules. You can use blanket purchase agreements to specify negotiated prices for your items before actually purchasing them.
Global Agreements (a special type of blanket purchase agreement)
Blanket purchase agreements can be created for a single organization or to be shared by different business units of your organization (global agreements). You may need to negotiate based on an enterprises’ total global purchase volume to enable centralizing the buying activity across abroad and sometimes diverse set of businesses. Using global agreements buyers can negotiate enterprise–wide pricing, business by business, then execute and manage those agreements in one central shared environment. Enterprise
Blanket Releases
You can issue a blanket release against a blanket purchase agreement to place the actual order
Contract Purchase Agreements
You create contract purchase agreements with your suppliers to agree on specific terms and conditions without indicating the goods and services that you will be purchasing. You can later issue standard purchase orders referencing your contracts, and you can encumber these purchase orders if you use encumbrance accounting.
Planned Purchase Orders
A planned purchase order is a long–term agreement committing to buy items or services from a single source. You must specify tentative delivery schedules and all details for goods or services that you want to buy, including charge account, quantities, and estimated cost.
Scheduled Releases
You can issue scheduled releases against a planned purchase order to place the actual orders.
