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Vendor Master record changes

Vicki Shekhtmeyster's Profile

Hello! Can anyone share best practices they have seen around vendor master record changes. Specifically, if a vendor's name stays the same but the TIN has changed, is it appropriate to retain the same vendor record as long as it clearly notates that the TIN has now changed? What about name changes? Do those always require new vendor records? Thank you!

Answers

Trish Gifford
Title: Dir of Operations Analysis
Company: Bergstrom Inc.
(Dir of Operations Analysis, Bergstrom Inc.) |

If the FEIN changes, you need absolutely need a new vendor record. This helps support any 1099 reporting / audits that you may have. If you buy components you'll find that the pricing for the new supplier and the parts they are willing to sell you may require updating as well.

If the name changes, we always require a new W-9 form to confirm if the FEIN changed and we confirm mailing and remit to address information.

Nowadays you have to be wary of individuals who will email you name changes / address changes who are trying to get you to divert payments to them. If you follow these 2 practices and require a 2nd confirmation other than email for changes in the information you won't likely be caught by fraud.

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