Workflow Templates: Vendor Setup and Maintenance Checklist

Obtain the vendor's legal business name

Collect the vendor's primary contact information

Determine the vendor's business structure (e.g., corporation, partnership, sole proprietor)

Request and verify the vendor's tax identification number (TIN) or employer identification number (EIN)

Collect a completed W-9 form for domestic vendors or W-8 form for international vendors

Ensure tax information complies with IRS regulations

Determine the preferred payment method (e.g., ACH, check, wire transfer)

Collect and confirm payment information, including bank account details for electronic payments

Establish payment terms and conditions, including any early payment discounts or late fees

Obtain and file the vendor's certificate of insurance if required

Ensure vendor compliance with the organization's policies and procedures

Perform a background check or due diligence review if necessary

Enter the vendor's information into the accounting system accurately

Categorize the vendor based on goods or services provided

Set up appropriate approval workflows for vendor invoices

Regularly review and update vendor information as necessary

Monitor vendor performance and adherence to contractual obligations

Conduct periodic audits of vendor files for accuracy and completeness

Vendor Setup and Maintenance Checklist