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Three-way matching is the control of processing a supplier invoice against the purchase order and GRN (goods received), to ensure that a payment is complete and accurate.
The goal of three-way matching is to highlight any discrepancies across three documents in the purchasing process – purchase orders, GRN (goods received) and/or packing slips, and the supplier invoice – in order to save overspending, or paying for an item not received.
Confirm Quantities, Pricing & Terms
In preparing a supplier invoice for payment, accounts payable reviews the quantities, prices, and terms - to ensure that what was ordered (from the purchase order) matches the goods received (via the GRN/packing slip) which matches what they are being charged (via the supplier invoice).
ACOS Procurement and Supplier Management
The Best and Simplest Procurement Software