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Master Vendor File

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE NONE Accounting Experience LevelCourse IDCPE CreditsAuthor Overview MS-109 4 Mary Schaeffer, CPA Vendor Issues in Accounts Payable Course Description:  Vendor issues in an effecti ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE NONE Accounting
Experience Level Course ID CPE Credits Author
Overview MS-109 4 Mary Schaeffer, CPA

Vendor Issues in Accounts Payable

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.

Who Should Attend: CPAs

Topics Covered:

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:

 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 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 issues related to proper and improper segregation of duties as they relate to the master vendor file
 Understand the necessity of regularly cleansing the master vendor file
 Integrate use of 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 accounts payable process to prevent phony e-mails from causing payment fraud
 Identify problems created when vendor credits are not identified and recovered on a regular basis
 Develop practices to include open credit recovery in the regular accounts payable process
 Pinpoint problems that may occur if new vendors are not verified before being set up in the master vendor file
 Create procedures to collect data needed to evaluate critical vendors
 Identify ways to improve vendor relations
 Understand the true motivation behind vendor calls for payment information and integrate that into your responses
 Implement best practices that will help weed out fraudulent invoices
 Identify master vendor file issues related to one-time vendors 

 


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