If a vendor changes their name and TIN, do we need to set them up as a new vendor? Or can we just update the information? I need to keep the TINs separate for reporting purposes.

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Because the taxpayer identification number has changed as well as the name, then you probably want to create a new entry in the master file. Organizations typically create a new entry if the vendor’s tax ID changes so they can clearly see the different payment history between the two TINs. With a change in TIN, also check to see if the tax classification has changed.

If you create a new entry, be sure to inactivate the previous one, so you do not inadvertently make duplicate payments. You also should enter a note in the file about the name change, as a record.

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