Get Supplier Master File Template

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.

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.

Changing a Vendor Master Record for Accounting Choose Master records Change from the Accounts Payable menu. You reach the initial screen for changing master data. Enter the vendor account number and the company code. Vendor master records span several screens.

How to display changes in Vendor master records? Go to Accounting → Financial Accounting → Accounts Payable → Master Records → Display Changes.

What is the BEST way to control updates to the vendor master file in an accounts payable system? Using prenumbered and authorized request forms. Having only one person updating the master file. Periodically reviewing the entire vendor master file. Comparing updates against authorization.

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.

What is the BEST way to control updates to the vendor master file in an accounts payable system? Using prenumbered and authorized request forms. Having only one person updating the master file. Periodically reviewing the entire vendor master file. Comparing updates against authorization.

Information entered into master vendor files should be included on a form (for both new vendors and updates of existing information) that is completed by one person and approved or reviewed by a second. Use of a form further limits the opportunity for someone to set up a phantom vendor.