Manage and maintain accurate, up-to-date information on vendors within your financial management system with this policy sample. 

This policy details best-practice procedures for registering new vendors, including the necessity of completing and submitting vendor registration packets and Form W-9s, ensuring that all data entered is complete, accurate and current to facilitate proper payments and tax reporting. It also outlines specific standards for data entry to preserve data integrity, such as the correct formatting of personal and business names and the handling of sensitive information like social security numbers and employer identification numbers.

It also addresses the responsibilities of the purchasing and accounts payable departments in the approval and updating of vendor information, emphasizing the importance of secure electronic storage of documents. This policy is crucial for ensuring compliance with legal requirements and facilitating efficient vendor management, which is essential for a company’s operational effectiveness. 

Sample reconciliation preparation procedures include:

• The reconciliation should be prepared monthly in a standard format (if appropriate).
• Written explanations should be included in the supervisory and internal and external auditor review reconciliations.
• Completed reconciliations should be dated and signed by the preparer.
• Signatures should be legible and accompanied by the signatory’s printed name and position title.