Requisition

DEFINITION of 'Requisition'

A formal request. Shareholders can issue a requisition notice to a company requiring it to put resolutions to a vote. In business, one department of a company might submit a requisition to the purchasing department for supplies it wants to order. In healthcare, a doctor might issue a requisition for a laboratory test to be performed on a patient to ensure that the patient or his insurance will be responsible for paying for the test.

BREAKING DOWN 'Requisition'

In a purchase requisition, an employee would submit a requisition form containing information such as the date of the request, the department submitting the request, the person submitting the request, the items requested and the location where the order, if approved, should be delivered. If approved, the purchase order, packing slip and invoice may be attached to the purchase requisition for recordkeeping purposes.



RELATED TERMS
  1. Current Liabilities

    A company's debts or obligations that are due within one year. ...
  2. Shareholder

    Any person, company or other institution that owns at least one ...
  3. Creditor

    An entity (person or institution) that extends credit by giving ...
  4. Unsecured Creditor

    An individual or institution that lends money without obtaining ...
  5. Insurance

    A contract (policy) in which an individual or entity receives ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to ...
Related Articles
  1. Insurance

    Ancient Accounting Systems

    Learn how accounting evolved to keep records of increasingly complex transactions and civilizations.
  2. Budgeting

    The Honest Company Bundles Review: Are They Worth It?

    Learn more about The Honest Company and its bundle subscription services, which deliver discounted diapers, formula and other baby products to your doorstep.
  3. Personal Finance

    Zika Virus: Latest Advice on Staying Safe

    Zika has hit the U.S. Here’s the most recent update on what’s known about the virus, how it spreads, who’s at highest risk and how to avoid it.
  4. Investing News

    Zika: Study Says This Device Could Protect You

    New research just uncovered an inexpensive, commercially available device that might help fight off the mosquito that carries the dreaded Zika virus.
  5. Investing

    3 Small Steps to Maximize Your Investing Goals

    Instead of starting the New Year with ambitious resolutions, why not taking smaller manageable steps that can have a real impact.
  6. Investing News

    How Zika Is Infecting the Travel Industry

    The Zika virus is declared a public health emergency as airlines, cruise lines and other travel companies accommodate customers and assess the damage.
  7. Your Practice

    Stressed Out? How Advisors Can Deal with It

    Financial advisors face loads of stress, especially during troubled times. Here's how to deal with the job's stresses and gain a competitive edge.
  8. Your Clients

    How to Prod Clients Into Talking Long-Term Care

    Long-term care is a difficult subject to broach, but it's a reality for millions of Americans. Here's how to bring it up tactfully with clients.
  9. Budgeting

    How To Manage Chronic Illness Expenses

    Chronic illnesses affect millions of Americans, but it is not only taxing their health. Its also hurts their wallets. But there are ways to reduce the burden.
  10. Investing Basics

    How Novartis Probably Has a Cure for What Ails You

    A look at the unparalleled growth of the world's biggest pharmaceutical company: Novartis AG.
RELATED FAQS
  1. Can CareCredit be used for family members?

    CareCredit has become a widely used option when it comes to paying for medical procedures, primarily procedures not typically ... Read Full Answer >>
  2. Does dental insurance cover crowns?

    Dental insurance coverage may vary according to the type of plan and the level of benefits that you have elected. Most dental ... Read Full Answer >>
  3. Are Flexible Spending Account (FSA) contributions tax deductible?

    The contributions you make to your Flexible Spending Account (FSA) are not tax-deductible because the accounts are funded ... Read Full Answer >>
  4. Does a Flexible Spending Account (FSA) cover Lasik?

    Flexible spending accounts (FSA) can be used to pay for qualifying LASIK procedures. LASIK is not the only laser eye surgery ... Read Full Answer >>
  5. Are Flexible Spending Account (FSA) expenses tax deductible?

    Flexible Spending Account (FSA) expenses are not tax deductible. The U.S. Internal Revenue Service (IRS) states you cannot ... Read Full Answer >>
  6. Does a Flexible Spending Account (FSA) cover acupuncture?

    A Flexible Spending Account (FSA) covers acupuncture. The Internal Revenue Service (IRS) has defined acupuncture as a qualifying ... Read Full Answer >>
Hot Definitions
  1. Black Swan

    An event or occurrence that deviates beyond what is normally expected of a situation and that would be extremely difficult ...
  2. Inverted Yield Curve

    An interest rate environment in which long-term debt instruments have a lower yield than short-term debt instruments of the ...
  3. Socially Responsible Investment - SRI

    An investment that is considered socially responsible because of the nature of the business the company conducts. Common ...
  4. Presidential Election Cycle (Theory)

    A theory developed by Yale Hirsch that states that U.S. stock markets are weakest in the year following the election of a ...
  5. Super Bowl Indicator

    An indicator based on the belief that a Super Bowl win for a team from the old AFL (AFC division) foretells a decline in ...
Trading Center