What is involved in a typical three-way match in the procurement process?

In the procurement process, a three-way match is a critical control step that ensures that the details of three key documents align before a payment is made to a supplier. The correct choice involves the matching of an Invoice, Goods Receipt, and Purchase Order.

The Purchase Order is created to initiate the purchase, detailing what is being ordered, the quantity, and the agreed-upon price. When the goods are received from the supplier, a Goods Receipt document is generated, confirming that the order has been fulfilled in accordance with the Purchase Order.

Finally, the Invoice, which the supplier submits for payment, must match the terms laid out in the Purchase Order and confirm that all items have been received as documented in the Goods Receipt. This three-way match helps to prevent errors and fraud, ensuring that no payment is made unless all conditions are met and both parties have the same understanding of the transaction.

The other combinations listed do not align with the core idea of the three-way match. For example, a quotation request and contract or payment documents do not inherently tie into the verification of receipt of goods against an order, which is essential for ensuring financial and logistical accuracy in procurement.