The Importance of Details in the Vendor Master

Author: Anne Wheeler

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.

Publication Date: March 2025

Designed For
Anyone managing Vendor records AP and Purchasing personnel

Topics Covered

• Definitions
• Adding a new Vendor
• Editing an existing Vendor
• Forms
• Vendor Categories
• Reducing Financial Risk
• The Vendor Master Team
• Required Data
• Payment Details
• Other Data
• Leveraging the Vendor Master
• Third Party

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
• Identify 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
• Identify the benefits of performing a post audit on new or edited Vendor Records and the value in identifying Records for deactivation

Level
Overview

Instructional Method
Self-Study

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

Program Prerequisites
None

Advance Preparation
None