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Three way match is as follows
1. Compare Invoice Quantity with PO Quantity
2. Compare Invoice Price with PO Price
3. Compare Invoice Quanity with Receipt Quantity
Matching the Invoice, the PO & the GRN to ensure Correct Payments
In accounting, the three-way match refers to a procedure used when processing an invoice received from a vendor or supplier. The purpose of the three-way match is to avoid paying incorrect and perhaps fraudulent invoices
Three way match is a automated control between PO(Purchase Order), GR (Goods Receipt) and IV/LIV(Logistics Invoice Verification). In ERP like SAP, system checks whether all three are aligned and as per defined tolerances or not.
Without PO GR is not allowed, based on GR with reference to a valid Purchase Order only, Invoice verification is allowed to the extent of GR quantity and also considering defined tolerances.
"Three-way match" concept refers to matching three documents - the invoice, the purchase order, and the receiving report - to ensure that a payment should be made and only outhorized purchases are reimbersed.
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