Invoicing & Payment clinic 2023

Three (3) documents needed in a 3-way match:

• Invoice, Quotation, Purchase order

• Invoice, Delivery order, Quotation

• Invoice, Delivery order, Purchase order

Items to look for during 3-way matching:

• Delivery Vessels, Delivery Date, Price, Currency, Company Name, Items Descriptions

• Quantity, Delivery Date, Price, Currency, Company Name, Items Descriptions

• Quantity, Price, Currency, Company Name, Items Descriptions, PO Number, Bank Details

• Delivery Vessels, Delivery Date, Price, Currency, Company Name, Items Descriptions

A 3-way match will ensure, invoice price of goods

• Matches to what we wanted

• Matches to price as agreed on the purchase order form

• Matched to what we received

• Matches to the quality of goods requested on the purchase order form

A 3-way match will ensure, quantity of goods matches to what we received.

• TRUE

• FALSE

Perform 3-way matching will:

• Detect any fraud

• Detect for undeliveries or partial deliveries

• Highlight any discrepancies

• All of above

A 30-day payment term starts from invoice date.

• TRUE

• FALSE

Finance is responsbile to verify the invoices upon receipt from vendor.

• TRUE

• FALSE

When goods receipt quantity was unmatched with invoice quantity, rejection form shall be issued.

• TRUE

• FALSE

When invoice was received without PO:

• Rejection form shall be issued

• Learning incident is mandated to submit to FRC

• Payment will not be processed

• All of above

When variance of price (between PO price and invoice price) is more than BND1K, Finance is still able to process the invoice using IEH process.

• TRUE

• FALSE