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| Name | Procurement Academy: 3 Way Match Explained |
| Video Uploader | Video From Procurement Academy |
| Upload Date | This Video Uploaded At 14-06-2023 10:46:47 |
| Video Discription | Hi Everyone! Today, we will discuss about 3-Way Match in Procurement 3 Way Match: The "three-way match" is a fundamental concept in procurement and accounts payable processes. It involves comparing three documents—the purchase order, the GRN and the vendor invoice—to ensure that the goods or services received match the agreed-upon terms, quantities, and prices. This verification process helps prevent errors, discrepancies, and potential fraud in the procurement process. Here's a breakdown of each document in the three-way match: Purchase Order (PO): A purchase order is a document issued by the buyer to the vendor, outlining the details of the goods or services to be purchased. It includes information such as the item description, quantity, price, delivery date, and terms of purchase. The PO serves as a legally binding contract between the buyer and the vendor. Receiving Report (or Goods Receipt Note): When the goods are received, the receiving department or individual verifies the shipment against the details mentioned in the purchase order. They create a receiving report, which documents the actual quantity received, any damages or discrepancies, and other relevant information. The receiving report is typically signed or acknowledged by the recipient. Vendor Invoice: The vendor or supplier issues an invoice to request payment for the goods or services provided. The invoice includes details such as the vendor's name, invoice number, item descriptions, quantities, prices, taxes, and payment terms. The three-way match process involves comparing these three documents to ensure consistency and accuracy. Here's how it works: Match the Purchase Order with the Receiving Report: The quantities received in the receiving report should match the quantities specified in the purchase order. Any discrepancies should be investigated and resolved before proceeding. Match the Purchase Order and Receiving Report with the Vendor Invoice: The vendor invoice is compared to both the purchase order and the receiving report. The invoice should reflect the correct prices, quantities, and items as agreed upon in the purchase order. It should also align with the quantities received and documented in the receiving report. Example: Let's say a company placed a purchase order for 100 widgets from a vendor at $10 each. When the goods arrived, the receiving department verified and documented the receipt of 100 widgets without any damages. The vendor then sends an invoice for $1,000 ($10 per widget × 100 widgets). To complete the three-way match: The purchaser would compare the purchase order with the receiving report and ensure that both reflect the receipt of 100 widgets. Next, the purchaser would compare the purchase order and the receiving report with the vendor invoice. They would verify that the invoice amount matches the purchase order and receiving report, taking into account any applicable taxes or discounts. If all three documents match and there are no discrepancies, the invoice can be approved for payment. However, if there are discrepancies or issues, the three parties—the buyer, receiving department, and vendor—would need to investigate and resolve the discrepancies before proceeding with payment. By conducting a three-way match, organizations can enhance accuracy, prevent overpayments, identify discrepancies early, and maintain tighter control over their procurement and accounts payable processes. Thanks for Watching Stay tuned for more information. Follow us: Instagram: https://www.instagram.com/procurement_academy_/?igshid=MzNlNGNkZWQ4Mg== Facebook: https://www.facebook.com/tayyabiz1994?mibextid=ZbWKwL YouTube: https://www.youtube.com/@UCBmoGnOR8pewgbHs1O4-J6Q Twitter: https://twitter.com/proc_academy?t=wn-edOtAIVFcjPg6D5OMPQ&s=09 LinkedIn: https://www.linkedin.com/in/procurement-academy-69677426b #3waymatch #three #way #match #purchaseorder #goodsreceipt #invoice #contract #procurement #supplychainmanagement #purchase #purchasewithpurpose #hindi #procurementclub #urdu |
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