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: August 23, 2023

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
32 Reviews (148 ratings)

Reviews

5
Anonymous Author
The lesson is a detailed guide on the dos and don'ts when it comes to setting up a vendor. From the first step of obtaining the required documents and running a check to see if the vendor exists in the system down to the payment method and currency.

4
Anonymous Author
Very thorough content especially since I am an AP specialist, I don't have the ability to add or edit the vendor master. But the details and thought processes you have provided are key to ensure records are in order and not duplicated.

3
Anonymous Author
This course was informative, but I seemed to struggle with some of the technical details related to this topic. There is much to learn and know, but this course does a great job of explaining all of the information in detail.

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

4
Anonymous Author
Great course on the vendor master file. I think it would be nice to include some checks that would help with the identification of potentially fraudulent vendors.

5
Anonymous Author
Informative course on the benefits and details of using a vendor master detail. I recommend this course to all that want to know more about this subject.

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.

4
Anonymous Author
This class was informative, but dragged a little bit. I found reviewing the course materials in this case did not help as much with the exam.

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.

5
Member's Profile
Very informative lesson. Very good tips for maintaining the vendor master that I can surely apply to my business process.

5
Anonymous Author
I would definitely recommend this course! Great test questions that test the knowledge obtained froim this course as well!

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!

5
Anonymous Author
Great detailed information and good to keep as a checklist for future reference. Would recommend to others.

4
Member's Profile
This is a good course for fundamentals. Some additional industry best practices examples would be helpful.

4
Anonymous Author
This was helpful in learning about the ins and outs of the Vendor Master, as I am a new employee.

1
Member's Profile
It was a little basic. Could have used some more advanced topics for experienced users to validate

4
Member's Profile
Duplication of efforts noted in having two separate teams to setup vendors or add/edit vendors.

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.

4
Anonymous Author
Very informative with extra emphasis on maintaining detail records and adequate audit trails.

5
Member's Profile
The course was very informative and the information is very useful in current time.

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
This course was OK. Read through slides quickly and not much elaboration.

4
Anonymous Author
too long for what was needed. repeating many times the same thing

4
Anonymous Author
This course is a good basic overview of the AP vendor master.

4
Member's Profile
As always, great information and course by Anne. Thank you

4
Anonymous Author
Very thorough presentation by a knowledgeable instructor.

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 .
Course Questions and Answers1 Question
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.

Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  The Vendor Master - An Introduction2:58
The Vendor Master
  The Vendor Master Basics6:04
  The Vendor Master Forms3:42
  Reducing Financial Risks5:38
  Data Requirements8:56
  Other Options to Consider4:47
  The Vendor Master Team4:00
  Audits and Actions2:34
  Automation and the Vendor Master2:26
CONCLUSION
  The Conclusion2:03
CONTINUOUS PLAY
  The Vendor Master 43:08
SUPPORTING MATERIALS
  Slides: The Vendor Master – Creating A Solid Foundation for Accounts Payable ProcessingPDF
  The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONS quiz
 FINAL EXAMexam