Answers to common accounts payable terms

• 2 way match: matching the invoice to the purchase order

• 3 way match: matching the invoice to the purchase order and receipt of goods

• P2P cycle: Procure to Pay cyc...read more

A purchase order is sent by the buyer to the vendor in order to track and manage the purchasing process, whereas an invoice is sent by the vendor to the buyer as an official request for the goods or s...read more

A purchase requisition is a document in which employees create a request to make a purchase of goods and services. When you fill out this requisition form you not yet purchasing anything, but you are ...read more

P2P is the cycle purchase to payment in which there are 8 steps order requisition 2 approval 3 vendor selection 4 order creation 5 order approval 6 receiving 7 Invoice processing approval 8 payment.

Three-way match is the process of comparing the purchase order, invoice, and goods receipt to make sure they match, prior to approving the invoice. This ensures that the customer's order, the supplier...read more

Two-way matching verifies that purchase order and invoice information match within your tolerances as follows: Quantity billed is less than or equal to the quantity ordered. The invoice price is less ...read more

Two-way matching verifies that purchase order and invoice information match within your tolerances as follows: Quantity billed is less than or equal to quantity ordered. Invoice price is less than or ...read more

Two-way matching verifies that purchase order and invoice information match within your tolerances as follows: Quantity billed is less than or equal to quantity ordered. Invoice price is less than or ...read more