Who should maintain Vendor Master Records? 711

  • Hi,
    This seems to be a problem with a lot of divided opinions: Who should maintain the Vendor Master Records in the financial computer system? Is it the Accounts Payable or the Procurement department? What is the preferred approach (if any), considering the Sarbanes-Oxley act?

  • the procurement department ‘owns’ the vendor master data in the sense that they have responsibility for the data from cradle to grave. The accounts payable department uses and may operate on the data. for instance, the accounts payable department may need to enter a payment address which is different that the headquarter or main address for the vendor. the accounts payable department will post payments tied to invoices which will be related to the vendor master data.
    this could satisfy segregation of duties as well.
    good luck.

  • I agree.
    Example: The business continuity plan team leader takes the vendor master records from the procurement department for the business continuity plan

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