What is vendor master in SAP FI - Financial Accounting?

SAP Term: vendor master

• Component: FI

• Component Name: Financial Accounting

• Description: The collective term for all vendor master records. The vendor master contains the data of all vendors with which a company conducts business.

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• Key Concepts: 
  The vendor master is a component of SAP FI Financial Accounting. It is a database that stores all the information related to vendors, such as their contact information, payment terms, and credit limits. This information is used to manage vendor relationships and ensure that payments are made on time. 
  
  How to use it: 
  The vendor master can be accessed through the SAP system. It can be used to create new vendors, update existing vendor information, and delete vendors. It can also be used to view vendor information and generate reports. 
  
  Tips & Tricks: 
  When creating a new vendor, make sure to enter all the necessary information accurately. This will help ensure that payments are made on time and that vendors are properly managed. 
  
  Related Information: 
  The vendor master is closely related to other components of SAP FI Financial Accounting, such as the customer master and the general ledger. It is also related to other components of SAP, such as Materials Management and Sales & Distribution.