Improve Your Bottom Line With 3-Way Match Journal Entries
- devenrandalldevenr
- Aug 2, 2022
- 1 min read
Using three-way match to track your financial transactions is an excellent way to ensure accuracy. By matching your payments to the right goods and services, you can avoid a number of common accounting problems, including misplaced work, inaccuracies, and blaming certain departments for mistakes. Learn how this process can improve your bottom line by taking this 15-minute webinar. You'll be glad you did! And it's the perfect way to ensure that your bookkeeping matches your business's financial performance.
When using three-way matching, invoice data from different documents is compared to the details of the purchase order and the receipt. You should ensure that the total cost per unit are consistent between all three documents. If not, you can contact the vendor for correction. Using 3-way match accounts payable journal entries, your company can quickly and accurately sort out any discrepancies and avoid the need to write multiple checks. Regardless of size, 3-way matching makes it easier to manage your accounting process and protects your finances.
In the event that an error occurs, you can carry the invoice forward to accounts payable. However, this can be an expensive process, stalling operations until the issue is resolved. Fortunately, 3-way matching is becoming more popular. Many invoice verification processes have now included it as a standard process. When a two-way match is complete, the PO and invoice should agree on the quantity, and the invoice and receipt should be identical.
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