Accounting Processing Best Practices

Master Vendor File (and Other Vendor Issues) in Accounts Payable

Course Overview
Vendor issues in an effective accounts payable function are often ignored. This is unfortunate because poor controls around the master vendor file, the way data is entered and the lack of rigid internal controls all play a key role in preventing fraud and duplicate payments. And, it's not as easy as you might think. There are numerous details, which if ignored, can cause problems whose impact is felt directly in the bottom line. Industry expert Mary Schaeffer delves into this material revealing where the problems are and what every organization should be doing to minimize, if not eliminate, the impact of these issues.

© 2013 – Mary S. Schaeffer, Accounts Payable Now & Tomorrow, and CRYSTALLUS, Inc. ALL RIGHTS RESERVED No portion of this material may be reprinted, reproduced, transmitted, stored in a retrieval system, or otherwise utilized, in any form or by any means, electronic or mechanical, including photocopying or recording, now existing or hereinafter invented, nor may any part of this course be used for teaching without written permission from Mary S. Schaeffer.

Learning Objectives:

After completing this course, participants should be able to:
  • Recognize issues related to vendor activity in accounts payable.
  • Specify the impact of current event changes in the ongoing accounts payable practices.
  • Identify issues related to proper and improper segregation of duties as they relate to the master vendor file.
  • Recognize the relationship between controls and best practices as they relate to the master vendor file.
  • Locate where problems occur when data entry isn't handled using a rigid coding standard.
  • Identify use of IRS' TIN Matching program in the vendor set-up routines.
  • Determine how to avoid problems created when vendor contact information is not collected and/or updated.
  • Recognize the importance of vendor credits being identified and recovered on a regular basis.
  • Choose best practice routines to set up new vendors.
  • Recognize procedures to collect data needed to evaluate critical vendors.
  • Recommend ways to improve vendor relations.
  • Locate clues that will help identify potentially fraudulent invoices.
  • Identify alternative strategies for dealing with vendors who refuse to mail invoices.

  • Prerequisites/Advanced Preparation:


    Speaker / Author:

    Mary S. Schaeffer is editorial director of CRYSTALLUS, Inc., which publishes the Accounts Payable Now & Tomorrow newsletter and the e-zine e-AP news. After working in the finance and treasury departments of several large companies for 15 years, she turned to writing and consulting full time. She is the author of 17 business books, including 101 Best Practices for Accounts Payable, is a nationally recognized accounts payable expert and consultant and a frequent speaker at seminars, conferences and online events. She is the creator of the Institute of Financial Operations Accounts Payable Innovation Certificate program and several self-study courses for CPAs. Mary Schaeffer has a B.S. in Math from York College and a M.B.A. in Finance from New York University. She is a member of the Authors Guild and the New York Financial Writers' Association.


    Price (USD)

    Standard: $99.80


    Course Code : 99SCH05-tx

    Release Date : 08/13/2014
    Expire Date : 10/31/2022
    Credits :
    CPE 4.00
    QAS 4.00

    Course Level : Overview
    Length : 3hr 20min
    Passing Grade : 70%
    Field Of Study : Accounting
    Theme : Accounting Processing Best Practices

    Format Type : eLearning
    Mobile Compatible
    Course Type : QAS Self-Study

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