The vendor database exists primarily to ensure that individuals and firms doing business with the company are properly registered to receive payments and to provide related income and tax information to the proper authorities.

This sample policy explains the procedures for coordinating the proper registration and maintenance of vendor information in a company’s vendor database. It outlines procedures related to the responsibility for data entry, new vendor submissions, vendor information changes, and reconciliation preparation and review. It also describes the vendor input standards and includes a vendor registration form.