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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:

12 CoursesAccounts Payable

  1. Procure to Pay Work Stream
  2. A Deep Dive into the Responsibilities of Accounts Payable Operations
  3. No PO, No Pay – Can It Work for Your Organization?
  4. What to Consider in an Accounts Payable Workflow Solution
  5. Thinking About Centralizing Accounts Payable? – Due Diligence is Critical
  6. Selecting an Accounts Payable Automation Provider
  7. Creating an Accounts Payable Documentation Management Policy
  8. Benefits of An Accounts Payable Recovery Audit
  9. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  10. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  11. Payment Process: Selection, Review, Approval, Release
  12. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing

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.

Included In Certifications

This course is included in the following Expert Certifications:

13 CoursesCertified Expert in Accounts Payable

  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

1 Review (14 ratings)Reviews

5
Member's Profile
Solid foundation for managing master ERP vendor files. Consistency is KEY!

Prerequisites

Course Complexity: Intermediate
  • Please consider taking the courses titled: “Procure to Pay Work Stream”, A Deep Dive into the Responsibilities of Accounts Payable Operations”, and “The Payment Process”.
  • Please review the Glossary for this course which is available in the Supporting Materials section.

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