What is 2way match and 3way match?.

Question

Accepted Answer

2way match and 3way match are methods used in accounts payable to match invoices with purchase orders and receipts.

2way match involves matching the invoice with the purchase order.
3way match involves matching the invoice with the purchase order and the receipt.
2way match is used for low-value items while 3way match is used for high-value items.
2way match is less secure than 3way match as it does not verify receipt of goods.
Example: A company orders 100 pens from a supplier. The supplier sends the pens and an invoice. The company matches the invoice with the purchase order (2way match) or with the purchase order and the receipt (3way match).

Accepted Answer

Two-way matching is an automated process that checks for discrepancies between purchase orders and their associated invoices before invoices are approved and paid. 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.

What is 2way match and 3way match?.

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