GFEBS Material and Vendor Master Data Questions and Answers | Latest Version | 2024/2025 | Graded A+
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GFEBS Material and Vendor Master Data
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GFEBS Material And Vendor Master Data
GFEBS Material and Vendor Master Data
Questions and Answers | Latest Version
| 2024/2025 | Graded A+
What is material master data used for in financial systems?
Material master data is used to store information about materials and products, including
details such as item descriptions, uni...
GFEBS Material and Vendor Master Data
Questions and Answers | Latest Version
| 2024/2025 | Graded A+
What is material master data used for in financial systems?
✔✔ Material master data is used to store information about materials and products, including
details such as item descriptions, unit of measure, and pricing.
Why is accurate vendor master data important for organizations?
✔✔ Accurate vendor master data is crucial for ensuring timely and accurate payments, effective
vendor management, and compliance with contractual obligations.
What kind of information is typically included in vendor master data?
✔✔ Vendor master data typically includes vendor names, contact information, payment terms,
bank details, and tax identification numbers.
How can organizations ensure the quality of material master data?
✔✔ Organizations can ensure quality by regularly updating and validating data, establishing data
entry standards, and using automated data validation tools.
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,What is the role of material master data in procurement processes?
✔✔ Material master data plays a key role in procurement processes by providing essential details
for purchasing decisions, inventory management, and supplier interactions.
How can incorrect vendor master data impact financial operations?
✔✔ Incorrect vendor master data can lead to payment delays, errors in financial reporting, and
potential legal issues due to incorrect tax information.
What are common fields in material master records?
✔✔ Common fields in material master records include material number, description, unit of
measure, material type, and price.
How should organizations handle updates to vendor master data?
✔✔ Updates to vendor master data should be handled through a controlled process that includes
verification of changes, approval workflows, and regular audits.
What tools or systems are used to manage material and vendor master data?
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, ✔✔ Tools and systems such as enterprise resource planning (ERP) systems and data
management software are used to manage material and vendor master data.
Why is it important to have a standardized process for entering material master data?
✔✔ A standardized process ensures consistency, accuracy, and completeness of data, which
helps in maintaining reliable and efficient operations.
How can organizations verify the accuracy of material master data?
✔✔ Organizations can verify accuracy through regular data audits, validation checks, and cross-
referencing with reliable sources.
What is the impact of incomplete material master data on inventory management?
✔✔ Incomplete material master data can lead to inventory discrepancies, difficulty in tracking
materials, and potential disruptions in supply chain operations.
How can automated systems assist in managing vendor master data?
✔✔ Automated systems can assist by streamlining data entry, validating information, and
integrating with other systems for real-time updates and consistency.
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