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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. 

 

Course Series

This course is included in the following series:

5 CoursesProcure to Pay Purchasing

  1. Procure to Pay Work Stream
  2. No PO, No Pay – Can It Work for Your Organization?
  3. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  4. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  5. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced

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.
  • 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.
Last updated/reviewed: October 23, 2018

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAccounts Payable Certification

  1. Accounts Payable – Learn the Terminology
  2. Procure to Pay Work Stream
  3. A Deep Dive into the Responsibilities of Accounts Payable Operations
  4. Understanding Non-Purchase Order (PO) Invoice Transactions
  5. Understanding Purchase Order (PO) Invoice Transactions
  6. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  7. No PO, No Pay – Can It Work for Your Organization?
  8. Payment Process: Selection, Review, Approval, Release
  9. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  10. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  11. The Basics of 1099's
  12. Creating an Accounts Payable Documentation Management Policy
  13. The Basics of Automation for Accounts Payable (AP) Specialists

16 CoursesAccounts Payable Management Certification

  1. Accounts Payable – Learn the Terminology
  2. A Deep Dive into the Responsibilities of Accounts Payable Operations
  3. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  4. The Basics of 1099's
  5. Prioritizing Accounts Payable Workload – Divide and Conquer
  6. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  7. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  8. Reconciling Aged Open Payables and Outstanding Checks
  9. Benefits of An Accounts Payable Recovery Audit
  10. No PO, No Pay – Can It Work for Your Organization?
  11. What to Consider in an Accounts Payable Workflow Solution
  12. Creating an Accounts Payable Documentation Management Policy
  13. Communicating the Role of Accounts Payable to Others
  14. Justifying and Presenting the Needs of Accounts Payable Operations
  15. The Basics of Project Management for Accounts Payable
  16. KPIs and Metrics for Accounts Payable Manual Processes

14 Reviews (72 ratings)Reviews

5
Anonymous Author
This was very well written as well as thoroughly explained by the professor. I was happy to learn more extensively about the vendor master system to further help me in my position as an accounts payable specialist.
5
Member's Profile
The class was good.The class was good.The class was good.The class was good.The class was good.The class was good.The class was good.The class was good.The class was good.
4
Member's Profile
Who knew there was so much detail in keeping up a Vendor Master System. I definitely learned a few things I didn't know here, such as the importance of the W8! Thank you
5
Member's Profile
Great course for vendor maintenance. Identifies fields needed and why. This course is a great overview for all types of accounting professionals.
5
Anonymous Author
I learned several key points that our company is currently not validating. We'll be sure to include them in our procedures going forward.
4
Anonymous Author
Good Review of procedures -- make sure doing all of and the correct steps to maintain an accurate vendor master.
5
Anonymous Author
Anne makes it easy to learn! I think anyone in an accounts payable department can benefit from this course!
4
Member's Profile
This is a good course for fundamentals. Some additional industry best practices examples would be helpful.
5
Anonymous Author
Great overview of the Vendor Master with specific examples related to roles and responsibilities
4
Anonymous Author
This course is very informative & helpful. The instructor made things very easy to understand.
4
Member's Profile
good recommendations for maintaining a clean vendor master. Course is short and to the point.
3
Member's Profile
The instructor covers a good deal of material for maintaining a Vendor Master.
5
Member's Profile
Solid foundation for managing master ERP vendor files. Consistency is KEY!
4
Member's Profile
As always, great information and course by Anne. Thank you

Prerequisites

Course Complexity: Intermediate
Please consider taking the course titled "Procure to Pay Work Stream" prior to taking this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .

1 QuestionCourse Questions and Answers

Member's Profile

Just one word, excellent. I am an auditor and this training it allows me to create a better audit program to touch in all the aspects of the AP process. Thank you.

Course Syllabus
INTRODUCTION AND OVERVIEW
  2:58The Vendor Master - An Introduction
The Vendor Master
  6:04The Vendor Master Basics
  3:42The Vendor Master Forms
  5:38Reducing Financial Risks
  8:56Data Requirements
  4:47Other Options to Consider
  4:00The Vendor Master Team
  2:34Audits and Actions
  2:26Automation and the Vendor Master
CONCLUSION
  2:03The Conclusion
CONTINUOUS PLAY
  43:08The Vendor Master
SUPPORTING MATERIALS
  PDFSlides: The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  PDFThe Vendor Master – Creating A Solid Foundation for Accounts Payable Processing Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM