3 Way Match Journal Entries
- devenrandalldevenr
- Aug 2, 2022
- 1 min read
If you've ever wondered about the proper ways to write your 3 way match journal entries, you're not alone. Many companies are struggling with this same issue, and you're not the only one! Here are some ways to make sure you're not missing any of the most important steps in this process. Keep reading to learn more about how to make 3 way match journal entries. And don't forget to register for the webinar to learn more!
Before you can create 3 way match journal entries, you need to collect information from all the different documents that reflect the purchase. These include invoices, goods receipt notes, and purchase orders. Once you have the information, you'll need to compare it across these documents. Then, you'll need to make sure that the amounts match exactly. Remember, the more accurate your documents are, the more accurate your records will be. You can also specify a tolerance limit for minor currency differences.
A three-way match compares the purchase order, invoice, and receipt to prevent fraud. A misplaced decimal point, an out-of-date international exchange rate, or fraudsters looking to cash in on your business can cause inaccuracies in your invoices. One scam involving over 122 million dollars was exposed in New York in 2019. This man used the familiar name of a common vendor to fool the victims.
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