Vendor Master File

Maintaining a vendor master file can be a complicated process for many teams. IOFM offer content to help you learn best practices to standardize vendor team activities to avoid payment fraud, compliance fines, and bad vendor data.

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Foreign Vendor Identification: Handling Missing TINs and SSNs for Reporting

Q. I have two foreign vendors that are missing a TIN or SSN. One is also missing DOB. What… Read More

Missing a Valid Vendor Address? Five Free Resources for Finding Vendor Addresses

Maintaining accurate and up-to-date vendor addresses in your vendor master file is essential for financial operations. If your vendor address information is out of date or missing your company

Images of W-9s and voided checks

Q. Vendor Maintenance: when our plants are submitting documentation for a vendor set up in our ERP… Read More

Account frozen per OFAC request

Q. I have never see an "account frozen/returned per OFAC request" before. I did some research… Read More

ACH banking validation requirements

Q. We are using DocuSign to request ACH information from our vendors with a form that provides the… Read More

OFAC Modernization Effects Can Help With Vendor Searches

by Debra R. Richardson If your company is a U.S. entity and your function is vendor setup and maintenance, you most likely are already familiar with the requirement to check your vendor’s legal… Read More

Non-U.S. Vendor Setup Series Part 9

Specialized Vendor Team Processes For Handling Non-U.S. Vendors Effectively by Debra R. Richardson Train on Financial Information Collected and Accurate Entry Money Transfer Codes One of the… Read More

Resources for checking suppliers on government watch lists

Q. What are the best websites to use for checking supplier name, address and TIN to make sure the… Read More

IRS OFAC rechecking process

Q. We manually verify our vendors using IRS OFAC screening before they are added to our system.… Read More

Non-U.S. Vendor Setup Series Part 8

Watch Out for These Unique Risks When Onboarding Non-U.S. Vendors by Debra R. Richardson If your company is global, you may need to onboard vendors from different countries and regions. This can… Read More