The Vendor Master for Accounts Payable Processing
This course covers the forms to be obtained from each potential Vendor before setting up a record in the system.
Description
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. However, to ensure efficiency, each Vendor Record needs to be complete and accurate.
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. Additionally, we discuss the pros and cons of involving people from multiple departments in the management and approval of the Vendor Master, how changes to a Vendor’s name or tax status should be addressed, whether a secondary audit of adds and edits should be performed, and the benefits of inactivating Vendor Records.
The Vendor Master is the key to the efficiency of several different Procure to Pay tasks. It deserves dedicated resources.
What You Will Learn!
- 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.
Who Should Attend!
- Anyone interested in accounting, finance, or related fields.