This policy establishes the responsibilities and authorizations for completing and accurately maintaining the vendor master file (“VMF”) at a company. It applies to all spending activities processed by accounting related to purchasing goods or transportation services as well as operating expenses. This includes, but is not limited to, purchasing and processing (e.g., value-added process “VAP”).

This sample outlines specific guidelines relating to access and approval authority, payment terms, maintenance, and authorizations. Procedures for new vendor setup, vendor revisions and vendor maintenance are described in detail.