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Two Way Matching2-way matching is a process used in accounting to ensure that a company's vendor invoices are accurately reflected in the company's financial records. In a 2-way matching system, the company's accounts payable team will first verify that the amounts and quantities on the vendor's invoice match the corresponding purchase order. Once this has been confirmed, the accounts payable team will then match the vendor invoice to the corresponding goods receipt or delivery note, which serves as proof that the goods or services were received by the company. This process helps to prevent overpayment and ensure that the company's financial records are accurate and up to date.
3-way matching is a slightly more detailed version of 2-way matching. In addition to matching the vendor invoice and purchase order, as in 2-way matching, 3-way matching also involves matching the vendor invoice to the company's accrual. This provides an extra level of accuracy and ensures that the vendor invoice is properly recorded in the company's financial records.
In other words, unlike three way matching, with 2-way matching items are not matched against what has been received and accepted. As such, two way matching is not the preferred accounting spend control. However, in many organizations, especially those without systems from Aestiva, only two way matching is practical.
Note: Aestiva offers a Software Unlimited Plan that provides customers with access to a wide range of software and modules, all for a single price, including tools for automating 2-way and 3-way matching processes with high levels of sophistication and ease-of-use.
See AlsoInvoice Authorization Software, Three Way Matching, Procure To Pay Software , Purchase Order Process.
Example Usage"We currently only do two way matching but after we install Aestiva, we'll start doing three way matching. We're excited by the improvement we'll see in our spend controls. "
Purchasing NoteAestiva's procure to pay systems include include three way invoice matching but will also do two way matching and custom matching. Call for details.