What is 2 way match What is 3 way match What is p2p cycle What is purchase requisition What is invoice What is purchase order

Question

Accepted Answer

Answers to common accounts payable terms

2 way match: matching the invoice to the purchase order
3 way match: matching the invoice to the purchase order and receipt of goods
P2P cycle: Procure to Pay cycle, the process of purchasing goods or services
Purchase requisition: a document used to request goods or services
Invoice: a bill for goods or services received
Purchase order: a document used to order goods or services

Accepted Answer

2-way matching streamlines the accounts payable process by automating the comparison of invoices and purchase orders, reducing manual effort, and saving time and resources.Three-way match is the process of comparing the purchase order, invoice, and goods receipt to make sure they match, prior to approving the invoice. A time-stamped commercial document that itemizes and records a transaction between a buyer and a seller. A purchase order is a legal document form used by a buyer and sent to a supplier for an order. A purchase order specifies items, quantities, prices, and credit terms for a purchase from the vendor. A PO becomes a legally binding contract when a vendor accepts the purchase order.

Accepted Answer

A purchase order is sent by the buyer to the vendor in order to track and manage the purchasing process, whereas an invoice is sent by the vendor to the buyer as an official request for the goods or services that the vendor has provided.

Accepted Answer

A purchase requisition is a document in which employees create a request to make a purchase of goods and services. When you fill out this requisition form you not yet purchasing anything, but you are merely beginning the process of purchasing by asking for internal approval.

Accepted Answer

P2P is the cycle purchase to payment in which there are 8 steps order requisition 2 approval 3 vendor selection 4 order creation 5 order approval 6 receiving 7 Invoice processing approval 8 payment.

Asked in Genpact

What is 2 way match What is 3 way match What is p2p cycle What is purchase requisition What is invoice What is purchase order

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