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.

New Nacha Rule: Stored Vendor Banking Information Must Be Unreadable

Recently, an IOFM member inquired about AP’s responsibility to secure vendors’ account information in electronic files. Specifically, she asked:Do we need to redact bank account information on a… Read More

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Changes to vendor's name and tax ID

Q. One of our vendors sent a letter stating that their company merged into another entity. We also… Read More

OFAC screening schedule

Q. In your experience, what is the standard timing to OFAC screen a vendor once they have been set… Read More

Sending and receiving vendor forms securely

Q. Email encryption may not always be the answer for sending and receiving vendor forms, because… Read More

Best practice for VMF after bank mergers

Q. What is the best practice for changes to vendor accounts due to bank mergers and acquisitions?… Read More

VMF and fraud

Q. I’m working on preparing some internal training for staff around fraud awareness, business… Read More

Inactivating a vendor with an active contract

Q. Our AP team has implemented an inactivate a supplier/vendor with no activity after 13+ months… Read More

Russian Sanctions and How They May Affect Your AP | P2P Operation

The recent attacks on Ukraine have resulted in many countries, the U.S. included, imposing economic sanctions on Russia. While this is an ongoing situation and it’s not yet clear how effective… Read More