METHOD AND SYSTEM FOR PROCESSING TRANSACTIONS

A system and method are provided for processing transactions between at least one buying company and at least one selling company using a central datastore accessible to users from the buying company and selling company. Purchase order and invoice data are obtained and compared to identify a matched record having purchase order data and corresponding invoice data. A collaborative data set in the central datastore is created, based in part on the matched record and storing in the datastore detailed settlement data regarding settlement of the matched record of purchase order data and corresponding invoice data. A complete settlement transaction history is stored by providing for storage of additional settlement data in the central datastore, wherein credit memos, debit memos regarding the invoice, the purchase order of the matched record, and/or other documents related to the transaction are stored as part of the collaborative data set.