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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.
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Content

Platform: Udemy
Video: 43m
Language: English
Next start: On Demand

Table of contents

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.

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.

Requirements

• Please review the Glossary for this course which is available in the Supporting Materials section.

This course is for

• Anyone interested in accounting, finance, or related fields.
Condensed and Efficient Courses for Busy Professionals
Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.
Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.
Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.
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Platform: Udemy
Video: 43m
Language: English
Next start: On Demand

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