Question

Design a flowchart that outlines the process completed by the accounts payable team to complete the three-way match. Begin with the receipt of the invoice from the vendor and end with the authorization of the payable.

Make sure to address the decision points and documents needed to approve the vendor's invoice.

Answer 1

Processing of invoices received from a supplier is known as three way matching process.it will avoid fraudulent and incorrect invoices.

Purchase Orders

A purchase order is the official confirmation receipt of the order sent to the vendor from the buyer. This document is used to authorize the purchase. It contains a Purchase Orders number, payment information etc. of the goods or services sold also the quantity.
Order Receipts

As a proof of payment, order receipts are included with delivered goods to detail which goods have been included in the shipment as well as the payment method.

Invoices
Invoice is a statement that supports the sales transactions. An invoice, in either paper or EDI form, constitute a request for payment from the vendor to the buyer. It including invoice number, seller contact details, discounts, and the bill amount.