What is P2P cycle , 3 way match , and what will you do if Approvals are missing in case of Non PO Invoices.

Question

Accepted Answer

P2P cycle is the process of procuring goods and services from vendors. 3 way match is a process of matching invoice, purchase order and receipt.

P2P cycle involves steps like requisition, purchase order, receipt, invoice and payment
3 way match ensures that the invoice matches the purchase order and receipt
If approvals are missing for non-PO invoices, the invoice can be sent to the department head for approval or the vendor can be contacted for clarification
Automated workflows can be set up to ensure timely approvals and prevent delays in payment

Accepted Answer

P2P cycle is the process of procuring goods and services from vendors. 3 way match is a process of matching invoice, purchase order and receipt.

P2P cycle involves steps like requisition, purchase order, receipt, invoice and payment

3 way match ensures that the invoice matches the purchase order and receipt

If approvals are missing for non-PO invoices, the invoice can be sent to the department head for approval or the vendor can be contacted for clarification

Automated workflows can be set up to ensure timely approvals and prevent delays in payment

Accepted Answer

First in this case this invoice return tu store or purchase person and say the matter of missing po invoice the we solve the issue and create the po and book the invoice

Accepted Answer

A three-way matching in accounts payable is a process of matching purchase orders (PO), goods receipt note (GRN), and the supplier's invoice.

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What is P2P cycle , 3 way match , and what will you do if Approvals are missing in case of Non PO Invoices.

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