In short
A three-way match compares the purchase order, the receiving report and the vendor's invoice before an invoice is approved for payment.
Key takeaways
- It prevents paying for goods that weren't ordered or received, or at the wrong price.
- Differences above a set tolerance are held for review.
- Many systems perform it automatically as an application control.
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
Before an invoice is approved for payment, the system compares it with which documents in a three-way match?