Three-Way Matching in Dynamics 365
|Invoice validation becomes critical when you are in retail. Additionally, if you are using a Microsoft Dynamics 365, you can use many different methods for invoice matching allowed by the accounts payable in Microsoft Dynamics for finance and operations. Keeping the invoices accurate and delivering the product with the actual price is itself a task and the ways to match invoices are:
Out of these four given methods in accounts payable, three-way matching is the most preferable and demanding. There is a reason for it and that is because it allows you to match three documents of the supplier including the Invoice, the Purchase Order and the Product Receipt. So, when you match all three documents, the chances of a mistake on false information reduces to a minimum.
Therefore, by using and implementing three-way matching too, you can ensure that only authorized purchases are made and suppliers are delivered as they promised. Suppliers who have issues in the past while dealing with the quantity or quality have a great chance to enhance their business processes and manage their financial transactions with efficiency.
How the three-way matching initiates Automatic invoice matching?
Your general ledger is the one thing that can change the whole dynamics of a business within a second. Your loss and profit are in the hands of the account details. A three-way matching way enables you to track the invoice by matching them with purchase order and as a result, it ensures the accuracy of the promise. So, it keeps your financial statement clear and accurate.
Now, you might have a question regarding the steps taken to implement it…
The main advantage of using this way is to ensure the quantity. It is to ensure that the product is delivered as it was ordered and the amount is set according to the purchase order. A financial statement is one of the complexes in the supply chain department and invoice matching enables you to simplify this process. So, if you are in the supply chain and facing issues with the quantity and quality of delivering the items. This might be the solution you need right now.
Customer satisfaction and also maintaining the loose ends of your operations and finance go hand in hand. So, for implementing the three way-matching, you need to get a consultant. In this regard, DFSM is making it easy for you by providing an expert’s opinion. We understand the importance of the validation process and that is the reason for offering the best consultants for your rescue. So, now you can deal with finances without any hassles.