Master vendor file, also sometimes referred to as vendor master file or simply vendor file, is the crux of the accounts payable function. Good master vendor file practices matter and they matter a lot. Good master vendor file practices help ensure payments are made correctly and the organization is not subject to fraud. Master vendor file is the repository of information needed to make a payment. Master vendor file responsibility sometimes lies in accounts payable and sometimes in purchasing. Sometimes each group, as well as others, will have their own vendor files. #accountspayable #mastervendorfile #vendorfile

While good master vendor file practices help protect against fraud, they also help protect against duplicate payments. When considering the separation of duties protocol, companies must include master vendor file in the discussion.

This is Accounts payable Sound Bite #3

In this episode, Mary Schaeffer explains just what the master vendor file, or vendor master file is and what it is used for. She addresses the issue of who has responsibility for it, what it can be used for and why the contact information in it is so important.

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Accounts Payable Sound Bites are designed to be only a few minutes long and each will provide an explanation of a concept, principle or issue related to the accounts payable function. By its very nature, this means accounting issues, payment matters, fraud and more.

Host: Mary Schaeffer ([ Ссылка ])

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