Asked by: Cipriana Henleasked in category: General Last Updated: 21st May, 2020
What is vendor master maintenance?
Just so, what is vendor master data?
Vendor Master Data is the enterprise main source of vendor-specific data. It includes information on vendors from which a company can procure, or can sell. A vendor master record contains information such as vendor's name, address, etc. Data in a vendor master record is divided into three categories −
Also, how do you handle a master vendor file? Let's take a look at a few best practices when doing a master vendor file cleanup:
- Remove vendor duplication.
- Not everything is a duplicate entry.
- Archive inactive vendors.
- Obtain any missing data.
- Transform your vendor file into a strategic resource.
- Automate the process.
- Vendor portal.
Keeping this in consideration, what is supplier maintenance?
Supplier Maintenance is used by Accounts Payable, Purchasing, Inventory and Invoicing. The Supplier Maintenance program in A/P and Purchasing are the same. Suppliers contain all companies that you deal with or 'pay'; employees are also commonly put into Supplier Maintenance to simplify payroll.
Why is vendor master data important?
Here are some of the major benefits: Vendor master data management empower organisations to manage 100% of their vendors and gain complete visibility. It helps to guarantee the quality of the data, and removes the risk of storing inaccurate or inconsistent information.