Instructions:

Now that you are somewhat familiar with the payables function in QuickBooks Online, you no doubt realize that the QB Online software does not include a feature that ensures a three-way match is made/has been made prior to paying an invoice. Therefore, the Accounts Payable Department must develop and implement a manual process to ensure a three-way match is performed prior to paying an invoice.

You first job as the newly appointed head of the Accounts Payable department is to devise an internal process (i.e. desk procedures) to ensure that invoices are not paid unless and until a three-way match happens. You have access to company purchase orders through QuickBooks Online and the shipping/receiving department forwards you the packing slips with the quantities verified (or discrepancy reports when the received quantities do not agree with purchase order quantities).

The process will utilize Excel to collect information pertaining to the three-way match. It will include desk procedures to document how the three-way match is to be performed and where to gather the required information. It must also describe procedures to follow when a three-way match is not available such as differences in quantities or price or when certain required documentation is not available.