Three-Way Match
Comparing a purchase order, the goods receipt and the supplier invoice against each other before a payment is approved, to confirm what was ordered, received and billed all agree.
Related terms
- Goods Receipt Note (GRN)
A document recording that goods ordered were physically received, used to match a purchase order to the invoice that follows it.
- Duplicate Invoice
The same purchase invoice entered into the books more than once, whether through re-entry, a restored backup, or two near-identical vendor records.
- Purchase Register
The client's listing of all purchase transactions for a period, used as the population for purchase and accounts-payable testing.
- Test of Controls
A procedure to evaluate the operating effectiveness of a control in preventing or detecting material misstatements, as distinct from a substantive procedure on the balance itself.
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231 terms in total, or go deeper with working procedures and worked examples in the resource library.