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Chapter 15 Accounts Payable 15. 2 Vendor Master File Policy and Procedures Procedures Policy Statement The purpose of this policy is to maintain an accurate database on vendor master files within the accounts payable section of the CFMS. This policy was created in order to maximize efficiency within the AP function so that occurrences of duplicate vendors and vendor information inaccuracies are avoided. This policy will define the procedures for .

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A master vendor file, sometimes called a supplier portfolio, is a complete catalogue of an organization's suppliers and vendors across every department. Master vendor files include data such as: vendor contact information, diversity status, Tax ID, corporate hierarchy, spend amount, and more.

The vendor master data usually includes procurement history, contract records, inventory data, supply categories and other important information about vendors and suppliers.

Vendor Master Data is the enterprise main source of vendor-specific data. It includes information on vendors from which a company can procure, or can sell. A vendor master record contains information such as vendor's name, address, etc.

The vendor master database contains information about the vendors that supply an enterprise. This information is stored in individual vendor master records. A vendor master record contains the vendor's name and address, as well as data such as: The currency used for ordering from the vendor.

A vendor master record contains: Vendor's name, address, language, and phone numbers.

Importance of the Vendor Master File The primary goal is to safeguard assets by ensuring accuracy of data to reduce fraud, erroneous and duplicate payments. Organizations create new suppliers, handle mergers, acquisitions, changing corporate structures and remit to addresses regularly.

Procedure Enter the purchasing organization and an account group. If you want to use another vendor master record as a reference, enter the account number of that vendor in the Vendor (creditor) field (under Reference ). ... The Create Vendor: Address screen appears. ... The Create Vendor: Control screen appears.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232