What if the Vendor is not in the System?

What if you are processing an invoice and you find that there is no vendor? You should have a good process for approving a new vendor into your system.

Best practices for new vendor setup include:

• Separation of Duties—Dynamics GP security should be set up so that the person entering or modifying the vendor maintenance file is not the same person that enters invoices or pays bills.
• Steps that are needed for setting up new vendors including:
  • TIN matching for IRS—need to get W9 and validate official vendor company tax info for 1099s
  • Office of Foreign Assets Control (OFAC) screening.
  • Double verification for Remit-to address and banking information.
• Vendor approval workflow—Microsoft Dynamics GP can be configured with a Vendor Approval workflow. When we discuss your needs, we will generally recommend that you include an approval workflow as part of your solution. A vendor approver will be a second set of eyes that ensures that the checklist steps are followed and approves the new vendor to the system.
  

The Mekorma Customer Success team is standing by to assist you with defining any of these policies and procedures to ensure a safe, auditable AP process.