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Invoice Matching in Purchase Order Systems
Invoice matching is the process of comparing the invoices that a business has received from its vendors with the corresponding purchase orders and receipts, in order to ensure that the business is only being charged for the goods and services that it has actually received.
This process is important for ensuring that a business is not overcharged, and for detecting and preventing fraud. Invoice matching can be done manually, but it is often done using specialized software that automates the process.
Advanced purchase order processes include the ability to match incoming Invoices from the supplier of Purchase Order issued to the supplier by the buyer.
The Different Types of Invoice MatchingThe different types of invooice matching are:
• Two-way matching: This involves comparing the invoice to the purchase order, but not the receipt.
• Four-way matching: This involves comparing the invoice to the purchase order, the receipt, and the contract.
• Manual matching: This involves manually comparing the invoices to the purchase orders and receipts without the use of specialized software.
• Automated matching: This involves using specialized software to automatically compare the invoices to the purchase orders and receipts.
• Processes where Unit Pricing is a mismatch.
• Processes where quantity is a mismatch.
See AlsoInvoice Authorization Software,Two Way Matching, Three Way Matching, Procure To Pay Software , Purchase Order Process.
Example Usage"We use Aestiva's invoice matching. We only need to handle exceptions. Aestiva does the rest."