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Two-way matching is an accounts payable (AP) process where the details of an invoice are compared and verified against a corresponding purchase order (PO). This ensures that the goods or services billed match what was ordered in terms of quantity, price, and other specifications.
4 Σεπ 2023 · 2-Way Matching in Accounts Payable:A Comprehensive Guide. Discover how the 2-way matching process optimizes accuracy, efficiency, and control in accounts payable. Learn its benefits and implementation steps.
27 Φεβ 2023 · 2-way matching in accounts payable refers to a validation technique that compares the details of received invoices against their corresponding, originally-submitted purchase orders (POs). Ideally, by contrasting these two key documents, accounting staff can more readily confirm that a payment request is accurate, credible, and should be paid.
In the account payable process – the procurement and receiving stage, the 2-way, 3-way, and 4-way matching plays a vital role. It is worth investing in this control to make sure your business doesn’t pay for things you didn’t receive or overpay for things you did. The topics we discuss.
• Set clear accounts payable metrics (such as frequency of invoices that match POs, percentage of invoices paid to terms and percentage of negotiated discounts captured) and adhere to them across the organization • When purchasing a new or riskier product, negotiate longer payment terms to increase working capital or ask
answer is quite simple: There’s a lot more to accounts payable than just paying bills; this is unless you don’t mind: • Paying invoices twice • Losing early payment discounts • Getting in trouble with state auditors • Being fined by those state auditors • Tarnishing your vendor relationships
After the invoice is verified and approved, the amount will be credited to the company’s Accounts Payable account and will also be debited to another account (often as an expense or asset). A common technique for verifying a vendor invoice is the three-way match.
