Guideline
📦 PROCUREMENT PROCESS
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.
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.
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.
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.
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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