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Here's a checklist to help you ensure that all relevant departments in your company are on board with a new customer's compliance requirements.
Note: This is the checklist used by Kathy Brown at Funai Corporation (Torrance, CA). You can modify this to easily suit what's unique at your company.
Account Name: ______________________________
Sales Representative:__________________________
| New Account Set-Up Checklist | ||
| Check | Received | Item/Document |
| Credit Application (Through Sales or from Customer) | ||
| Resale Exemption Certificates (for each state we are shipping to for customers) | ||
| Financial Data (Most recent 2 full fiscal years) | ||
| D&B Report (Credit) | ||
| Signed Sales Agreement (Through Sales or from Customer.) | ||
| Signed Vendor Packet (if applicable) | ||
| Signed Vendor Terms Sheet (if applicable) | ||
| Signed Credit Limit Approval Sheet (Credit) | ||
Notes:
- Usually, larger retailers don't fill out credit apps. Credit Apps must be completed and returned to Credit for privately held companies.
- MUST have tax exemption certificates from each state to which will ship the product for the customer.
- Financials need to be reviewed for privately held companies. If the customer has stock traded or public debt, Credit can secure the financial data through SEC filings.
- Credit pulls D&B information for each new customer.
- Sales Agreement, Vendor Requirement Agreements, Routing Guides, etc. Sales Rep and management team work closely together to review and ask Legal to create addendums.
- Credit processes the 'Credit Limit' recommendation form which must be approved before orders can be accepted.
A Complete Checklist on New Account Set Up
Here's the complete list items that can be checked while preparing a new account set up for a vendor. Find this template and elements involved in it.
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