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

SAP Term: central invoice monitoring

• Component: MM-IV

• Component Name: Invoice Verification

• Description: Central Procurement offers a Central Invoice Monitoring scenario that provides a single point of access to display and manage invoice documents centrally. These documents can be those that are created in the SAP S/4HANA Cloud system which acts as a hub system, or the ones that have been extracted from the connected systems. SAP S/4HANA, SAP S/4HANA Cloud, or SAP ERP act as connected systems.

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• Key Concepts: 
  Central invoice monitoring is a component of SAP's Materials Management (MM) module, specifically the Invoice Verification (IV) component. It is used to monitor and control the processing of incoming invoices. It allows users to check the accuracy of invoices, compare them to purchase orders, and ensure that all invoices are paid in a timely manner.
  
  How to use it: 
  Central invoice monitoring can be used to check the accuracy of incoming invoices by comparing them to purchase orders. It can also be used to ensure that all invoices are paid in a timely manner. Additionally, it can be used to track the status of invoices and identify any discrepancies between the invoice and purchase order.
  
  Tips & Tricks: 
  When using central invoice monitoring, it is important to ensure that all invoices are entered into the system accurately and completely. Additionally, it is important to regularly review the status of invoices and identify any discrepancies between the invoice and purchase order. This will help ensure that all invoices are paid in a timely manner.
  
  Related Information: 
  Central invoice monitoring is part of SAP's Materials Management (MM) module, which also includes modules such as Purchasing, Inventory Management, and Logistics Execution. Additionally, it is related to other components of SAP's Invoice Verification (IV) module such as Invoice Verification Rules and Invoice Verification Workflow.