Hold PO - Price Variance
Discrepancies in prices between the listed amount on a PO and the invoiced amount can occur leading to the activation of a hold status known as "Hold PO - Price Variance." This status indicates a mismatch or discrepancy between the initially agreed-upon price in the purchase order and the price mentioned in the invoice received from the supplier or vendor. When an invoice is flagged with a "Price Variance" status, it indicates that the invoice needs to be reviewed due to the observed price difference. This status serves as a temporary halt in the payment process, preventing the automatic processing and payment of invoices until the discrepancy is resolved or clarified.
In the below example, the system is saying that the amount entered during processing, $125.00, is less than the amount listed on the Purchase order, $127.36, and therefore needs to be reviewed.
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When reviewing this, first double-check the invoice by clicking "View Invoice Image" and verify that the amount listed on the invoice was entered correctly in the Materials/ Services Invoiced section.