Vendor issues in an accounts payable function are often ignored. This is unfortunate because poor controls around the master vendor file, improper data entry, and the lack of rigid internal controls all can result in fraud and duplicate payments. And addressing these issues is not as easy as you might think. There are numerous details that, if ignored, can negatively impact the bottom line. Industry expert Mary Schaeffer reveals common problems and provides strategies that every organization should implement to minimize, if not eliminate, the impact of vendor issues.
Please note that the information covered in this course is also covered in Creating an Accounts Payable Policy and Procedures Manual, Internal Controls in Accounts Payable, and Best Practices for Accounts Payable.
Upon successful completion of this course, participants will be able to:
- Identify issues related to vendor activity in accounts payable.
- Indicate problems that are likely to occur when vendor issues are not addressed in accounts payable.
- Cite 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.
- Cite issues of ownership related to the master vendor file.
- Cite controls needed around the master vendor file.
- Identify where problems occur when data entry isn't handled using a rigid coding standard.
- Cite reasons for the necessity of a regular cleansing of the master vendor file.
- Identify how to use the IRS TIN Matching program in the vendor setup routines.
- Cite problems created when vendor contact information is not collected and/or updated.
- Identify problems created when vendor credits are not identified and recovered on a regular basis.
- Identify how to create best practice routines to set up new vendors.
- Cite problems that may occur if new vendors are not verified before being set up in the master vendor file.
- Identify how to create procedures to collect information needed to evaluate critical vendors.
- Identify where responsibility for evaluating critical vendors should lie.
- Identify ways to improve vendor relations.
- Identify clues that will help identify potentially fraudulent invoices.
- Identify how to implement best practices that will help weed out fraudulent invoices.
- Identify master vendor file issues related to one-time vendors.
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