Vendor Master File

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Q. Is anyone currently using an outside vendor to handle the reconciliation of vendor… Read More

A recent benchmarking survey by IOFM indicates that overall, more than half of the vendors in respondents’ vendor master files are inactive. 

VMF benchmarking_1.JPG

While organizations with better

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“Ownership” of the vendor master file varies among organizations, though for a sizable majority

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Maintaining the vendor master file (VMF) is one of the most challenging tasks in Accounts Payable. Even if every vendor’s information has been set up with perfect accuracy and you are the AP's… Read More

Q. (cont.) ... to deactivate the old vendor and create a new vendor with the new name, or to

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Q. (cont.) ... in order for AP to pull down their invoices. Do they participate? Or just continue

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Q. (cont.) Is this information correct? Office holiday parties/picnic - 100% deductible

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Q. (cont.) ... but still submit paper? Is there a standard charge for processing paper invoices

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Q. (cont.) We recently received documentation requesting that we update a supplier's banking

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No, addresses are not part of the IRS cross-matching process for validating Name-TIN combinations.

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