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Vendor ACH information
October 24, 2019
Q. When a vendor provides ACH information on their invoice are we in compliance/obligated to request that the vendor complete and sign an acknowledgement form?
A.
(from IOFM Senior Trainer Judy Bicking)
We should not accept any payment information as accurate or valid without validating the information (In other words: "Trust but Validate").
This could be done by sending the acknowledgment form to the controller of that supplier, or by doing a test. For example, send 1 - 5 cents and ask the…
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