Two-way invoice matching process
The 2-way invoice matching process is a method used in accounting to ensure that the invoice amount matches the purchase order amount and the goods receipt amount. This process involves comparing the invoice received from a supplier with the purchase order and the goods receipt and ensuring that all three documents match.
If there are any discrepancies between the invoice, purchase order, and goods receipt, the accounting department will investigate the reasons behind the discrepancies and take appropriate action to reconcile them. This may involve contacting the supplier to clarify any issues, adjusting the invoice amount or purchase order, or updating the goods receipt.
The 2-way invoice matching process helps to ensure that the business is only paying for goods and services that have been received and approved, and that there are no errors or fraud in the invoicing process. It also helps to improve the accuracy of financial records and prevent overpayment or underpayment of invoices.
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