3 Way Matching in Oracle is Possible – What About NetSuite?

Defining 3 Way Matching

“3-Way” refers to the three documents that make up the match process: The supplier’s invoice which has been received and will go into the accounts payable process when approved; the purchase order that initiated the purchase; and the goods receipt or receiving report that shows proof of delivery.

“Matching” refers to the comparison of the terms, pricing per unit, quantities, etc. that appear on the vendor invoice, to the data on the purchase order and the actual goods received.

After the invoice has been validated by the three-way match process, the invoice can be put into an AP workflow to be paid.

3 Way Matching for NetSuite

Three-way matching is a very important business function for NetSuite enterprise users. The amount of time and effort it takes to do it manually can be a little daunting, especially if there are large volumes of invoices to match.

Fortunately, there is an automated platform for 3 way matching that integrates quite nicely with NetSuite. Invoices, purchase orders, and receipts are matched automatically, and exceptions are flagged for reconciliation. The cloud-based software not only ensures the accuracy of the data, it also provides an audit trail as well.

One of the first things auditors look at in the audit process are purchase orders, invoices, and goods receipts. So automated invoice matching is a good thing not only for the AP department, but in protecting the organization from interruptions and penalties.

Automated invoice matching and processing (also called AP automation) is usually priced based on invoice volume rather than the number of users, so the cost can be quite economical, even in very large organizations.

Some other features include:

• Automatic management of variances
• Pre-defined rules and lines
• Matching at both the line level or total level
• Matching invoices/POs with hundreds of lines
• Import external POs

Once invoices are matched, they are sent directly to NetSuite for recording and payment. 3 Way Matching is a module in EchoVera’s AP Automation for NetSuite

More information about automated 3 way matching for NetSuite here.

Or get more information about automated 2 and 3 way matching for Oracle E-Business Suite here.