3 Way Matching

What is Accounts Payable(AP)?

Amounts owing to vendors or suppliers for products or services received but not yet paid are called accounts payable. It is the total of all outstanding payments due to vendors.

The accounts payable process might be carried out by an accounts payable department in a large corporation, by a small staff in a medium-sized company, or by a bookkeeper or perhaps the owner of a small business.

Regardless of the company's size, the mission of accounts payable is to pay only the company's bills and invoices that are legitimate and accurate. 

The accounts payable process often uses a technique known as the three-way match to assure that only valid and accurate vendor invoices are recorded and paid.

The three-way match involves the following:

• Purchase Orders: What the company had ordered and at what cost?
• Receiving: What the company has received?
• Vendor Invoice: What vendor billed the company?

Only when the details in the three are in agreement will a vendor's invoice be scheduled for payment.

With AP Purchase Order Report, users can effectively manage finances throughout the entire business lifecycle. This saves a lot of time and improves the accuracy of the entire procedure.

How does It work?

Login to Console

Navigate to Reports --> Custom Reports --> Operations --> AP Purchase Order

The AP Purchase Order page appears, lookup for the purchase order by inputting the Purchase order number. This will automatically populate the purchase order details in the grid.

This will automatically populate the purchase order details in the grid. 

Item SKU, Item Description, Color, Size, Item Alias, Unit Cost, Quantity Ordered, Total Unit Cost, Tax,  Discount, Total Amount, Quantity Received.

Input the receiving & invoice information into the report to find out the accurate amount that needs to be paid.

Invoice Number: Enter the Invoice Number from the supplier invoice 

Invoice Date: Enter the Invoice Date from the supplier invoice 

Quantity Billed: Enter the quantity that is billed

Unit Price (Billed): Enter the unit price of items that are billed in the invoice

Total Amount Billed: This shows the total amount billed

Quantity Mismatch: This shows the mismatched number of items.

Unit Price Mismatch: This shows the mismatched unit price of items.

Hold Reason: Select a hold reason if applicable

Hold Description: Enter the hold description if applicable.

Variance Amount: Enter the variant amount.

Hit Save which will record your invoice.

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• Item Import Field Descriptions
• Overview
• Merchant Onboarding
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