Do you set up one-time vendors in the master vendor file? How do you handle these vendors in the master vendor file? We’ve got five possible solutions, none are perfect. Which you select will depend on your philosophy and how many purchases your organization makes from one-time vendors. What should #accountspayable do with a #onetimevendor in the #mastervendorfile?

What to do with vendors who you are only going to do business with once is a tricky question? Do you set them up in the master vendor file or not? There are pros and cons to both setting up the vendor in the master vendor file and not setting up the one-timevendors and clogging the master vendor file. One-time vendors present a really tricky issue. How you handle them will depend largely on philosophy and how many you have. Clearly this is a different issue for the company that gets only a handful of one-time vendors compared with those who have hundreds if not more one-time vendors each year.

There are many ways to handle one-time vendors in the master vendor file. None of them are perfect, unless perhaps you only have a few each year. But for the majority of the companies out there who have a bucketload, the problem is less that clear.

Link to Fraud in the Vendor File: How to Stop Ithttps://youtu.be/6r9I5d-li-U

Host: Mary Schaeffer (www.ap-now.com)