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Updating a vendor name
June 26, 2024
Q. I have always been told to follow the tax ID when updating vendor information. For example, existing vendor ABC Corp is now XYZ Corp with the same tax ID. If I update the vendor name, all the invoices that were paid prior to the name change will read XYZ Corp. Is that correct?
A.
(Answered by Debra Richardson, IOFM's third-party VMF expert: https://debrarrichardson.com/)
That is correct that you should update the name on the existing vendor record since the tax ID did not change. Creating…
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