What you will learn

• Three-way matching prevents incorrect, duplicate, and fraudulent payments by checking invoices against purchase orders and receiving records.

• Reconciliation uses a systematic method; matching finds issues, but identifying timing, errors, fees, or fraud guides correct resolution.

• Accurate records rely on strong control processes and attention to detail; small discrepancies may signal bigger problems if not caught early.

• Tools like QuickBooks make reconciliation faster, but technology supports rather than replaces the judgment needed to resolve complex variances.