POL-U5320.12 Creating and Maintaining Vendor Account Records

The Vice President will ensure appropriate procedures for internal control are implemented to monitor vendor record activity in a timely manner.

The Vice President delegates the daily administration and oversight of the policy and procedures to the Director of Financial Services.

All new vendor accounts and any subsequent changes to vendor information requested by a department must be made via the Vendor Record Creation and Maintenance Request e-form (FRM-U5320.12A) and processed in accordance with established procedures.

The Director of Financial Services may delegate authority to certain Financial Services personnel to create new vendor accounts. All decentralized employee permissions to modify vendor records will be limited and require approval from the Director of Financial Services.

Employees with permissions to create and modify vendor information records are required to maintain appropriate internal controls by following written procedures established by the Director of Financial Services.

Personnel will ensure no new accounts are created or modified without adequate written documentation from the vendor. Such documentation will be maintained in accordance with University retention requirements by personnel creating or modifying vendor records

The Director of Financial Services will ensure regular vendor audits of account activity reports in accordance with the Reviewing Vendor Maintenance Activity procedure (PRO-U5320.12D). The audit will include a sample of vendor and customer accounts created or updated. Discrepancies will be reported to the Director of Financial Services who will ensure corrective action is taken if necessary.