Master Vendor File (Not Available)

Author: Mary Schaeffer

CPE Credit:  4 hours for CPAs

Vendor issues in an effective accounts payable function are often ignored. This is unfortunate because poor controls around the master vendor file, the way data is entered and the lack of rigid internal controls all play a key role in preventing fraud and duplicate payments. And, it's not as easy as you might think. There are numerous details, which if ignored, can cause problems whose impact is felt directly in the bottom line.

Designed For
Any practitioners that are looking into improving their Master Vendor File in relation to Accounts Payable.

Topics Covered

  • Problems that are likely to occur when vendor issues are not addressed in accounts payable
  • The impact of current event changes into the ongoing accounts payable practices
  • Issues related to proper and improper segregation of duties as they relate to the master vendor file
  • The issues of ownership of the master vendor file into the decision on where responsibility for it should lie
  • Issues related to proper and improper segregation of duties as they relate to the master vendor file
  • The necessity of regularly cleansing the master vendor file
  • Use of TIN Matching program into the vendor set-up routines
  • The problems that can arise if games are played with TIN Matching and how to avoid them
  • Problems created when vendor contact information is not collected and/or updated
  • Controls into accounts payable process to prevent phony e-mails from causing payment fraud
  • Problems created when vendor credits are not identified and recovered on a regular basis
  • Problems that may occur if new vendors are not verified before being set up in the master vendor file
  • Procedures to collect data needed to evaluate critical vendors
  • Ways to improve vendor relations
  • The true motivation behind vendor calls for payment information and integrate that into your responses
  • Best practices that will help weed out fraudulent invoices
  • Master vendor file issues related to one-time vendors

Learning Objectives

  • Reveal where the problems are and what every organization should be doing to minimize, if not eliminate, the impact of these issues.


Downloadable PDF

Instructional Method

NASBA Field of Study
Accounting (4 hours)

Program Prerequisites

Advance Preparation

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