12.3 Payment Approval & Matching

Most finance departments will accept the receipt of items as approval to process and pay the supplier’s invoice. The receipt quantity will most likely be used either within your finance system (via an export from PECOS) or within PECOS P2P itself, for the financial matching process. The financial matching process is a standard accounts payable procedure which matches together invoice quantities and prices to purchase order quantities and prices to determine if an invoice should be paid.

Optionally your organisation may elect to employ a third matching process which reconciles invoice quantities to receipt quantities. It is important therefore to remember that before you process a receipt you should confirm:

• Items have been physically received into your organisation.
• The items received are the same items that were ordered.
• Services being receipted have been satisfactorily performed.
• Each item is correct for quantity.
• All items are complete and undamaged.
• Any supplier delivery paperwork is accurate and has been signed.
• Note any part shipments or backordered items to be delivered at a later date.