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; and
• Identify master vendor file issues related to one-time vendors.