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Bill of Lading

A Bill of Lading (BoL) is a document, given to shipment teams by vendors, that details the type, quantity and destination of goods being shipped. The bill of lading is a key document between a vendor and carrier, and acts as a contract between the two entities. A bill of lading can also serve as a shipment receipt when goods are received by the buyer at the point of destination.

What is a Bill of Lading (BoL)?

A Bill of Lading (BoL) is a document given to shipment teams by vendors, which outlines the terms of shipment and the type, quantity and destination of goods being shipped.

Key Elements of a Bill of Lading

There are several key elements that are listed on a BoL, they include the following:

How do businesses use a BoL?

Once a vendor receives an order from the buyer and has handed the goods to the carrier, the Bill of Lading acts as a contract between the organizations. It outlines the terms and conditions for the transportation of the goods, and as a receipt for the shipped products.

When the goods arrive at the destination, it is signed by the recipient, often refereed to as the consignee, to confirm receipt of the goods shipped, and serves as proof of delivery.

Bill of Lading in Accounts Payable Automation

A bill of lading acts as an important document in sophisticated accounts payable automation software, as it can be used as part of the Receipt-Based Matching (RBM) automation. When an invoice is received from the vendor, either a BoL or a Goods Receipt Note (GRN) reference will be present on the document.

Sophisticated Automation engines use the BoL as part of the data stream in matching patterns, which allows artificial intelligence to find the optimal scenario for Receipt-Based Matching.