What is invoice receipt in SAP MM-IV - Invoice Verification?

SAP Term: invoice receipt

• Component: MM-IV

• Component Name: Invoice Verification

• Description: A term from describing the receipt of an invoice issued by a vendor creditor. The following types of invoice receipt are possible in the SAP system: Invoice receipt referencing a purchase order Invoice receipt referencing a goods receipt Invoice receipt without reference

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• Key Concepts: 
  Invoice receipt is a process in SAP's Materials Management (MM) component, specifically the Invoice Verification (IV) module. It is the process of verifying that goods and services have been received and that the invoice amount is correct. This process is necessary to ensure that the company is not overcharged for goods and services. 
  
  How to use it: 
  In SAP, invoice receipt is done by entering the invoice information into the system. This includes the vendor, invoice number, date, and amount. The system will then compare this information to the purchase order and goods receipt documents to ensure accuracy. If there are any discrepancies, they must be resolved before the invoice can be accepted. 
  
  Tips & Tricks: 
  It is important to check all invoices carefully before accepting them. This will help to ensure that all goods and services have been received and that the invoice amount is correct. Additionally, it is important to keep track of all invoices in order to avoid duplicate payments. 
  
  Related Information: 
  Invoice receipt is part of a larger process known as Accounts Payable (AP). AP involves managing all of a company's financial obligations to vendors, including payment processing and reconciliation. It also includes other processes such as vendor master data maintenance and payment terms management.