Get the free Retek® Invoice Matching

This user guide provides comprehensive information on using the Retek Invoice Matching application, detailing features, functionalities, and step-by-step procedures for effective invoice matching

How to fill out retek invoice matching

How to fill out Retek® Invoice Matching

1. Gather all necessary documents such as purchase orders and invoices.
2. Log into the Retek® system and navigate to the Invoice Matching section.
3. Select the relevant purchase order associated with the invoice.
4. Compare the invoice details with the purchase order for accuracy, including prices, quantities, and terms.
5. Input any discrepancies or adjustments needed in the Retek® system.
6. Submit the matched invoice for approval or further processing.
7. Monitor the status of the invoice for payment processing and resolve any issues that arise.

Who needs Retek® Invoice Matching?

1. Retail managers responsible for financial transactions.
2. Accounts payable teams tasked with processing vendor invoices.
3. Auditors and compliance officers ensuring financial accuracy.
4. Suppliers and vendors who submit invoices for payment.

People Also Ask about

What is the 3-way invoice matching process?

Three-way match is the process of comparing the purchase order, invoice, and goods receipt to make sure they match, prior to approving the invoice. This ensures that the customer's order, the supplier's delivery, and the goods receipt note (GRN) all reflect the same information.

What are the different types of invoice match?

Since not all transactions carry the same level of risk, businesses apply different invoice matching methods to maintain accuracy. The three primary types — 2-way, 3-way, and 4-way matching — offer varying degrees of oversight, depending on internal controls and vendor trust.

What is the matching process in invoice posting?

Matching is performed on the expected invoice totals and the actual invoice totals. The expected invoice totals are calculated based on the prices, charges, and sales tax information from the purchase order and the quantities from the invoice.

How do you match invoices?

Invoice matching involves comparing and linking a supplier invoice with the underlying data on which the cost is based – a purchase order and goods delivery receipt (GDR), or a contract.

How to do invoice matching?

Use two-way matching to help make sure that the variance between the price information on the purchase order and the invoice is within acceptable tolerances. You can compare price information for the net unit price of each item on the invoice. This is called net unit price matching.

What is the 4 way match in invoice processing?

The 4-way matching process in accounts payable includes matching invoices, purchase orders, goods received notes (GRN), and inspection reports (for quality tolerance) before payment. Once all four components match, the invoice is entered into the enterprise's accounting software.

What is the two-way invoice matching process?

Two-way matching is an automated process that checks for discrepancies between purchase orders and their associated invoices before invoices are approved and paid. Two-way invoicing, also known as purchase order matching or PO matching, compares specific figures on both the purchase order and invoice.

For pdfFiller’s FAQs

What is Retek® Invoice Matching?

Retek® Invoice Matching is a process used by retailers to ensure that invoices received from suppliers match the purchase orders and receipts, helping to manage discrepancies and facilitate accurate payments.

Who is required to file Retek® Invoice Matching?

Retailers and businesses that utilize the Retek® system and engage in procurement activities with suppliers are required to file Retek® Invoice Matching.

How to fill out Retek® Invoice Matching?

To fill out Retek® Invoice Matching, users must enter the invoice details, including the purchase order number, invoice number, date, item descriptions, quantities, and prices, and then verify the information against the records.

What is the purpose of Retek® Invoice Matching?

The purpose of Retek® Invoice Matching is to ensure accuracy in financial transactions, minimizing discrepancies between received goods/services and billed amounts, thus aiding in effective financial management.

What information must be reported on Retek® Invoice Matching?

The information that must be reported on Retek® Invoice Matching includes the purchase order number, supplier details, invoice number, date, item descriptions, quantities, prices, and any discrepancies identified.