4/1/2023 0 Comments Procure to pay processes![]() The AP team checks the following documents for a 3-way match: This is a great way for organizations to safeguard their assets, as it helps them to avoid fraudulent invoices or pay the incorrect amount. What is a 3-way match?Ī 3-way match is a methodology used by the Accounts Payable (AP) or finance team when processing invoices received from suppliers. And when a 3-way match is validated, the buyer issues the payment to the supplier. Typically, the buyer receipts successful delivery of the order to the supplier and then the supplier raises an invoice quoting the PO number issued previously. Once approved, the PO will then be sent to the supplier, and they will fulfill the order and deliver the goods or services required. The buyer can then raise requisitions with the selected supplier.ĭepending on the structure of the organization, some requisitions may need approval, or budget authorized before raising a Purchase Order (PO). The request is then validated with available suppliers, which they will then provide the buyer with the pricing and terms. ![]() The P2P supply chain starts with a buyer establishing his/her needs for goods or services. The main stages of this process are product ordering, supplier requisition to pay, budget authorization, receipt of delivery, and invoice processing. Purchase to Pay, also known as Procure to Pay and abbreviated to P2P, comprises a number of stages that describe the end-to-end purchase to pay process from an organization ordering a product or service from suppliers, through to making the subsequent payment for those products or services. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |