5) Discuss the following statement: even in advanced technology systems, the AP clerk must perform a...

5) Discuss the following statement: even in advanced technology systems, the AP clerk must perform a three-way match to approve all vendor invoices for payment. give me an example too.

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Expert Solution

The companies who have advanced technology they also use Three-way match to approve the vendor invoice for payment it includes the Purhcase order (PO), Goods Receipt (GR) and Supplier's invoice. All these three documents should match with each other otherwise the payment is kept on hold by the AP clerk. However if the PO is made for excess amount/Rate and goods are received at less amount/rate then they process the payment.

Example:

The large BPO organizations like Genpact or EY who have advanced technology they also use the Three-way match to process the payment of vendor in case of P2P (Procure to Pay). In this process before making payment it is ensure that the PO, GR and Invoice are matching and there is no fraud or error.

I hope this clear your doubt.

Feel free to comment if you still have any query or need something else. I'll help asap.

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ekkarill92 answered 1 year ago

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