What is central invoice management in SAP MM-IV - Invoice Verification?

SAP Term: central invoice management

• Component: MM-IV

• Component Name: Invoice Verification

• Description: Central Procurement offers a Central Invoice Management scenario for the SAP Cloud Platform that provides a single point of access to display and manage invoice documents centrally.

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• Key Concepts: 
  Central Invoice Management is a component of SAP's Materials Management (MM) module. It is used to manage the process of verifying and approving invoices from vendors. This includes the ability to check for accuracy, compare invoices to purchase orders, and approve or reject invoices.
  
  How to use it: 
  The Central Invoice Management component of SAP MM can be used to streamline the invoice verification process. It allows users to quickly and easily check for accuracy, compare invoices to purchase orders, and approve or reject invoices. The system also provides a comprehensive audit trail of all invoice processing activities.
  
  Tips & Tricks: 
  When using Central Invoice Management, it is important to ensure that all invoices are properly coded and that all relevant information is included in the invoice. This will help ensure that the invoice verification process is as efficient as possible. Additionally, it is important to ensure that all users have access to the necessary tools and information needed to properly verify invoices.
  
  Related Information: 
  Central Invoice Management is closely related to other components of SAP MM such as Purchasing, Inventory Management, and Accounts Payable. It is also related to other SAP modules such as Financial Accounting (FI) and Controlling (CO).