# Guideline

#### **1. Overview**

The procurement process at Renaissance Innovation Labs ensures that all purchases and sales are conducted in a transparent, accountable, and well-documented manner. This process applies to both internal requisitions and external transactions involving clients or vendors.

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#### **2. Purchase Requests (Incoming Procurement)**

When a team member or department identifies the need to purchase goods or services, the following steps must be followed:

**Step 1: Obtain a Proforma Invoice**

* The requester must first obtain a **Proforma Invoice** (an estimated quote) from the intended vendor or service provider.
* The Proforma Invoice should include the item description, quantity, unit cost, total cost, vendor details, and validity period.

**Step 2: Complete a Requisition Form**

* The requester must fill out the company’s standard **Requisition Form**, providing clear justification for the purchase.
* The **Proforma Invoice must be attached** to the requisition form as supporting documentation.

**Step 3: Internal Review & Approval**

* The requisition and attached invoice will be reviewed by the line manager or designated approving authority.
* If approved, it will be forwarded to Finance/Operations for fund release and procurement processing.

**Step 4: Procurement & Payment**

* Upon final approval, the Finance or Procurement Officer will initiate the purchase and facilitate payment to the vendor according to the agreed terms.

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#### **3. Outgoing Transactions (Sales or Internal Transfers)**

When Renaissance Innovation Labs sells or transfers items or services to clients or other stakeholders:

**Step 1: Prepare an Internal Invoice**

* The responsible team (e.g., Sales, Programs, or Admin) must prepare an official **Internal Invoice** detailing the item/service, pricing, and recipient information.

**Step 2: Complete a Requisition Form**

* A **Requisition Form** must be completed for documentation purposes and **the Internal Invoice must be attached**.

**Step 3: Review & Dispatch**

* The requisition will be reviewed and approved by management.
* Once approved, the item or service may be dispatched, delivered, or executed.

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#### **4. Client Billing and Revenue Collection**

In all cases where funds are to be collected from clients:

* **An invoice must be issued to the client** before any request for payment can be made.
* No verbal or informal payment requests are permitted.
* Invoices must follow standard formatting and be approved by the Finance Team.

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#### **5. Notes & Compliance**

* All procurement activities must align with Renaissance Innovation Labs' financial policies and budgetary controls.
* Missing documentation (e.g., proforma invoice or requisition form) will delay processing and may result in non-approval.
* All forms and templates are available on the internal drive or may be requested from the Operations Department.


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