In short
The procure-to-pay process runs from a purchase requisition through the purchase order, receiving goods, recording the vendor invoice and paying it.
Key takeaways
- The three-way match compares the purchase order, receiving report and invoice before payment.
- Only approved vendors in the vendor master file should be paid.
- Purchasing, receiving, recording and paying should be done by different people.
Where it's tested
ISC: Business Processes & Automation — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
A purchasing system automatically sends any purchase order over $25,000 to the chief financial officer for approval. This is an example of: