Which party typically approves the payment requests associated with a purchase requisition?

The finance department typically approves payment requests associated with a purchase requisition because they are responsible for managing the organization's budget and financial processes. Once a purchase requisition is created and the appropriate approvals are obtained, it is forwarded to the finance department to ensure that funds are available and that the payment complies with financial policies and regulations. The finance team reviews the payment request to confirm that all necessary documentation has been provided and that the expenditures align with the agreed-upon budget. Their approval is crucial to ensure proper financial control and accountability within the organization.

Each of the other roles mentioned typically has different responsibilities in the procurement process. For instance, the vendor is not involved in the approval process as they are the party providing goods or services. The project manager may have a role in initiating the requisition or overseeing the project’s budget, but they do not directly handle payment approvals. The procurement officer usually manages the purchasing process but is not the final authority on approving payment requests.