Standing Data is the data which is not supposed to change frequently. This data will be used from one accounting period to the next and only updated when there are some changes. For example, the staff name, address, bank account, customer contact, supplier detail, and so on. This information is not required to update more often. And they are used by a different department in the company.
Example of Standing Data
|Description||Standing Data||Not Standing Data|
|Accounts Receivable Aging|
Control of Standing Data
Due to nature, the standing data should be controlled more strictly as the change will have more impact on the company. Only the authorized person is allowed to add, edit or delete this information. It is far different from normal data. Without proper control, it will impact many departments in the company.
The payment method of all suppliers is very important, if we allow the junior staff to update without any restriction, there will be a risk of wrong payment or fraud. The staff bank account should be restricted too as they are not supposed to change more often. Any error in the bank account will lead to error or fraud in the payment process.