Asked by: Cipriana Henle
asked in category: General Last Updated: 21st May, 2020

What is vendor master maintenance?

Your “vendor master data management” process and your “vendor master file” (VMF) are two key, foundational elements in your Procure-to-Pay (P2P) process. Accurate vendor files are also used maintain regulatory compliance as well as to provide an accurate and complete data framework for profile completion.

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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:

  1. Remove vendor duplication.
  2. Not everything is a duplicate entry.
  3. Archive inactive vendors.
  4. Obtain any missing data.
  5. Transform your vendor file into a strategic resource.
  6. Automate the process.
  7. 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.

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