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A Comprehensive Guide for IDP Tools Users
In the dynamic business world, purchase order (PO) reconciliation is more than just a process – it’s a key component to maintaining financial accuracy and operational efficiency. IDP tools are at the forefront with robust capabilities to simplify and optimise this essential task. Here, we dive into real-world scenarios and uncover key practices and strategies for seamlessly reconciling purchase orders and invoices.
Ensuring alignment between purchase orders and corresponding invoices
Identifying and outlining necessary actions for matching inbound purchase orders
Addressing and correcting any issues related to 'Ship To' addresses in purchase orders
Investigating and resolving any lingering compliance issues related to purchase orders
Reviewing previously invoiced purchase orders for accuracy and consistency
Comparing invoice quantities against purchase orders to spot overages or shortages
Confirming cases where the invoice quantity is less than what was ordered.
Evaluating any additional charges applied beyond the original purchase order terms.
Checking price tolerance thresholds in the presence of additional fees
Managing special cases such as non-stock or phantom items
Handling cases where transactions are processed without standard purchase orders.
Optimizing workflow routing for various business scenarios
Addressing and resolving workflow validation issues to ensure process integrity
