The Importance of Details in the Vendor Master (Completed)

The Vendor Master Record is critical to the execution of Purchase Orders and related Accounts Payable processes. It holds the contractual terms of whom to pay, where to send payment, how to pay and when to pay. It can also be leveraged to optimize Accounts Payable Automation. This course covers the forms to be obtained from each potential Vendor before setting up a record in the system and will highlight the specific data that should, or could, be included in the Vendor Record along with the related benefits of that data. The Vendor Master is the key to the efficiency of several different Procure to Pay tasks. It deserves dedicated resources.

Who Should Attend
Anyone managing Vendor records AP and Purchasing personnel

Topics Covered

• Definition
• Required forms and details
• The Vendor Master Team
• Auditing
• Security

Learning Objectives

• Identify what roles Purchasing and Accounts Payable can play in the maintenance of Vendor Records
• Recognize the key data points that should be included in any Vendor Record
• Explore the forms that should be obtained from a potential Vendor before a Record is created
• Recognize the need for checking names against the “Do Not Pay” blacklists
• Discover the benefits of performing a post audit on new or edited Vendor Records and the value in identifying Records for de-activation

Level
Overview

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None