FreeBalance® Accountability Suite
FreeBalance Purchasing
The FreeBalance Purchasing module provides an integrated procurement process. It manages multi-item requisitions and purchases and the receiving process. FreeBalance Purchasing operates under both cash and accrual accounting. FreeBalance Purchasing provides an extensive range of fiscal controls.
FreeBalance Purchasing Highlights
- Aggregate Fiscal Controls - provide a wide range of expenditure controls on purchasing. The FreeBalance Purchasing module integrates with Controls in FreeBalance Financials.
- Expenditure Management - flexible expenditure management options for hard limits, percentage limits, budget, and waiver ceilings. Obligations are automatically created for purchase orders and liquidated as goods are received and paid. The FreeBalance Purchasing module integrates with Expenditures in FreeBalance Financials.
- Purchase Orders (PO) and Purchasing - track multiple shipments against single purchase orders or single shipment against multiple purchase orders. FreeBalance Purchasing supports both centralized and distributed purchasing assignments, purchase approvals, acceptance, complex payments and goods returned.
The FreeBalance Purchasing module can be added and integrated with FreeBalance Financials during any stage of the IFMIS implementation process.
Supported Standards
The World Bank Treasury Reference Model (TRM), the IMF Code of Good Practices on Fiscal Transparency, United Nations Common Functions of Government (COFOG), IMF Government Finance Statistics (GFS), International Federation of Accountants International Public Sector Accounting Standards Board International Public Sector Accounting Standards (IPSASs), Medium Term Expenditure Frameworks (MTEF), and Generally Accepted Accounting Principles (GAAP).
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