What is vendor master record in SAP FI - Financial Accounting?

SAP Term: vendor master record

• Component: FI

• Component Name: Financial Accounting

• Description: A data record containing all the information necessary for any contact with a certain vendor, in particular for conducting business transactions. This information includes, for example, address data and bank data.

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• Key Concepts: 
  A vendor master record is a collection of data in SAP Financial Accounting (FI) that stores information about a vendor. This includes the vendor’s name, address, contact information, payment terms, and other relevant details. The vendor master record is used to manage the relationship between the company and its vendors. 
  
  How to use it: 
  The vendor master record is used to store and manage all of the information related to a vendor. This includes the vendor’s name, address, contact information, payment terms, and other relevant details. The vendor master record can be accessed through the SAP FI module and can be used to create purchase orders, process payments, and track invoices. 
  
  Tips & Tricks: 
  It is important to keep the vendor master record up-to-date with accurate information. This will ensure that all transactions with the vendor are processed correctly and efficiently. Additionally, it is important to review the vendor master record periodically to ensure that all of the information is still accurate and up-to-date. 
  
  Related Information: 
  The vendor master record is closely related to other SAP FI modules such as Accounts Payable (AP) and Accounts Receivable (AR). The AP module is used to process payments to vendors while the AR module is used to track invoices from vendors. Additionally, the vendor master record can be linked to other modules such as Materials Management (MM) and Sales & Distribution (SD).