Accounts Payable 3 Way Match is an official business process that helps to ensure accuracy and accountability when it comes to paying vendors. It involves three documents: the purchase order, the vendor invoice, and the receiving report. The purchase order outlines the goods or services that are being purchased, the vendor invoice is the bill from the vendor, and the receiving report is a document that verifies that the goods or services were received. The 3 Way Match process requires that all three documents match before the payment is made to the vendor. This helps to ensure that the goods or services were received and that the vendor was paid the correct amount. It also helps to reduce the risk of fraud and errors in the accounts payable process. By implementing a 3 Way Match process, businesses can ensure that their accounts payable process is accurate and efficient.
