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

  • Credits: 4
  • Format: Self-Study eBook
  • Field of Study: Accounting | Auditing
  • Author/Speaker: Mary Schaeffer
Available Formats:   
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General Understanding Accountancy
Course ID: MS-109
Published Date: © March 2018
COURSE DESCRIPTION

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.

Topics include:
  • Chapter 1: Background
  • Chapter 2: Current Events Impact
  • Chapter 3: The Master Vendor File
  • Chapter 4: Data in the Master Vendor File
  • Chapter 5: Data Entry in the Master Vendor File
  • Chapter 6: Vendor Taxpayer Identification Number (TIN) Issues
  • Chapter 7: Vendor Contact Information
  • Chapter 8: The Vendor Credit Issue
  • Chapter 9: Handling New Vendors
  • Chapter 10: Critical Vendors: Ensuring They’ll Be There When You Need Them
  • Chapter 11: Vendor Relations
  • Chapter 12: Vendor Fraud
  • Chapter 13: Other Vendor Issues

Learning Objectives:

After reading the course material, you will be able to:

  • Understand issues related to vendor activity in accounts payable
  • Pinpoint problems that are likely to occur when vendor issues are not addressed in accounts payable
  • Integrate the impact of current event changes into the ongoing accounts payable practices
  • Identify problems likely to occur if the potential for fraud is ignored in accounts payable
  • Identify issues related to proper and improper segregation of duties as they relate to the master vendor file
  • Integrate the issues of ownership of the master vendor file into the decision on where responsibility for it should lie
  • Delineate controls needed around the master vendor file
  • Recognize the relationship between controls and best practices as they relate to the master vendor file
  • Identify where problems occur when data entry isn’t handled using a rigid coding standard
  • Understand the necessity for regular cleansing of the master vendor file
  • Integrate the use of IRS’ TIN Matching program into the vendor set-up routines
  • Understand the problems that can arise if games are played with TIN Matching and how to avoid them
  • Avoid problems created when vendor contact information is not collected and/or updated
  • Integrate controls into the accounts payable process to prevent phony e-mails from causing payment fraud
  • Identify problems created when vendor credits are not identified and recovered regularly
  • Develop practices to include open credit recovery in the regular accounts payable process
  • Create procedures to collect all information needed to evaluate critical vendors
  • Figure out where responsibility for evaluating critical vendors should lie
  • Identify clues that will help identify potentially fraudulent invoices
  • Implement best practices that will help weed out fraudulent invoices

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA