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George Moroses

Infor LX & BPCS Finance Tip: 3-Way Match - A validation step when paying vendor invoices in ACP500

The validation compares the order quantity and price from the purchase order, the quantity received from the ITH record, and the quantity and price on the vendor invoice. The PO, the receipt, and the invoice are the three “legs” of a 3-way match. If all three match, you have a valid invoice transaction. If the price you are about to pay does not match the price agreed on the purchase order, or if the quantity you’re about to pay for does not match what you ordered or received, the ACP500 user will want to review the discrepancy before paying the invoice. There can be legitimate reasons for a discrepancy, such as needing to prepay an invoice for an item to be received in the future. The 3-Way Match process lets the user take those extra validation steps before making the payment.

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Tips:  LX | BPCS | M3

Users can now freeze period-end balances at the end of a fiscal period. You can now store the opening/ending on hand balance for each Inventory period at the Item (IIM), Warehouse/Item (IWI) and Lot/Location (ILI) levels. This information can then be used for inventory tracking and valuation purposes, as well as other ad hoc financial and audit reporting requirements. Infor LX clients can backdate inventory transactions into the immediate previously closed period, and thus update what was saved as the opening/ending balance throughout the current open period.

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Tips: LN | Baan

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