In which document would you typically find terms of payment for a vendor?

The vendor master record is the primary document where the terms of payment for a vendor are recorded. This document contains crucial information about each vendor, including their payment terms, which specify how and when payments will be made for goods and services. These terms can vary between vendors and are important for managing financial obligations effectively.

The vendor master record is essential for maintaining consistency and accuracy in procurement processes, as it ensures all purchasing activities related to a vendor adhere to the agreed payment terms. This information is used during the creation of purchase orders and invoices, thereby streamlining the procurement workflow.

In contrast, additional documents, source lists, and purchase requisitions do not serve as the comprehensive repository for payment terms. Additional documents may provide extra information but do not typically include payment terms. Source lists are used for managing and selecting vendors for specific materials, while purchase requisitions are requests to procure goods or services and do not contain vendor-specific payment terms.