What is invoice verification in SAP LO - Logistics - General?

SAP Term: invoice verification

• Component: LO

• Component Name: Logistics - General

• Description: A term that describes the entering and checking of incoming vendor invoices. In invoice verification, vendor invoices are compared with the purchase order and the goods receipt, and are checked in the three following ways: Content Price Quantity

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• Key Concepts: 
  Invoice Verification is a component of the SAP Logistics module that allows users to check the accuracy of invoices received from vendors. It ensures that the invoices are in line with the purchase order and goods receipt documents, and that all relevant taxes and discounts have been applied correctly. The invoice verification process also allows users to compare the invoice with the purchase order and goods receipt documents to ensure that all items have been received and billed correctly. 
  
  How to use it: 
  The invoice verification process begins when an invoice is received from a vendor. The user will then enter the invoice into the system, which will compare it to the purchase order and goods receipt documents. If any discrepancies are found, they will be highlighted for the user to review. Once all discrepancies have been resolved, the user can then approve or reject the invoice. 
  
  Tips & Tricks: 
  It is important to ensure that all invoices are entered into the system accurately and completely. This will help to ensure that all discrepancies are identified quickly and easily. Additionally, it is important to review all invoices carefully before approving them, as any errors or discrepancies could lead to costly mistakes down the line. 
  
  Related Information: 
  Invoice Verification is part of SAP's Logistics module, which also includes modules such as Materials Management, Warehouse Management, and Production Planning. Additionally, Invoice Verification is closely related to other components such as Accounts Payable and Accounts Receivable.