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author's profile photo Former Member
Former Member

vendor invoice and logistic invoice verification ?

Good morning Guru,

What is the difference between "vendor invoice" in accounting module and "logistic invoice verification" in MM module ?

I know logistic invoice verification to validate between po, gr and invoice, but what vendor invoice for ?

Thank's

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    author's profile photo Former Member
    Former Member
    Posted on Aug 10, 2007 at 02:40 PM

    "vendor invoice" in accounting module is where you enter the invoice to be paid directly through FI without matching to a PO.

    "logistic invoice verification" in MM module is where you enter an invoice in the system and match it to a PO in the system.

    pls assign points to say thanks.

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  • author's profile photo Former Member
    Former Member
    Posted on Aug 10, 2007 at 02:53 PM

    FI Invoice postings

    Cr Vendor

    Dr Expense

    Dr Tax

    MM Invoice (LIV)

    Cr Vendor

    Dr GR/IR a/c

    Dr Tax

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  • author's profile photo Former Member
    Former Member
    Posted on Aug 10, 2007 at 03:06 PM

    Hi

    Accounting-wise both has the same result as in both the scenarios you can debit expense and credit vendor. The advantage of Logistics Invoice Verification over Vendor Invoice is, in Logistics Invoice verification, we have three way matching of documents ie PO,GR and Invoice. So if there is any mismatch between these, the invoice will get blocked for payment. Also it checks for accuracy between PO and invoice and GR and invoice, so that the expenses are accounted accurately and price diff account also effected appropriately.

    In Vendor invoice booking, it is just like your normal journal entry and so it has not got that much authenticity over the correctness of transactions. In vendor invoice booking, there is every possibility of duplicate booking of invoice, whereas in LIV, the invoice will get blocked for payment.

    Hope it is clear.

    Regards,

    K Lakshmanan

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  • author's profile photo Former Member
    Former Member
    Posted on Dec 05, 2007 at 05:45 AM

    Dear Robert

    Vendor Invoice is just a Document ( Type of Credit Memo) given by vendor to enable company to process payment release which gives basic information about material , Qty , Price , other charges & reference of PO which finance department use for further processing & payment is only released after invoice is posted in the system.

    Please reward points if found suitable,

    Vivek Maitra

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