Organization and Individual options on Vendor records
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It’s December and that means just one month until tax season! In an effort to make this tax season the best one yet we will continue to post blogs to help you get prepared. Topics will include the Organization and Individual options on Vendor Records, Financial Edge and the Affordable Care Act, 1099 and W2 processing, and how to install the End of Year patch to name a few.
Let’s dive into the change made on Vendor Records after the update to patch 0009 ( Financial Edge Version 7.87.164.0009) What kind of change you ask? Well, let's take a look. If you go to Records> Vendors> and open a Vendor record you will now see an option to mark the Vendor as an Individual or an Organization:
Why make this change? This was done to ensure the Vendors are marked accordingly when processing your 1099’s. Marking a Vendor as an Organization will generate a Federal Employee Identification number (FEIN) while marking them as an Individual will generate a Social Security number (SSN). Below you will see how this shows when working in the 1099 Aatrix preparer grid.
So, to recap, marking the Organization radio button will format as follows on the Aatrix Grid: XX-XXXXXXX. While selecting the Individual radio button will format this way: XXX-XX-XXXX.
The last bit of information I want to share is the process for updating Vendor Records to show as Individuals. Once patch 0009 is applied you will see that by default all Vendors will be marked as an organization but don’t be alarmed! We have created an import file for your use that can be found in the following Knowledgebase Article.
Stay tuned for more!
Let’s dive into the change made on Vendor Records after the update to patch 0009 ( Financial Edge Version 7.87.164.0009) What kind of change you ask? Well, let's take a look. If you go to Records> Vendors> and open a Vendor record you will now see an option to mark the Vendor as an Individual or an Organization:
Why make this change? This was done to ensure the Vendors are marked accordingly when processing your 1099’s. Marking a Vendor as an Organization will generate a Federal Employee Identification number (FEIN) while marking them as an Individual will generate a Social Security number (SSN). Below you will see how this shows when working in the 1099 Aatrix preparer grid.
So, to recap, marking the Organization radio button will format as follows on the Aatrix Grid: XX-XXXXXXX. While selecting the Individual radio button will format this way: XXX-XX-XXXX.
The last bit of information I want to share is the process for updating Vendor Records to show as Individuals. Once patch 0009 is applied you will see that by default all Vendors will be marked as an organization but don’t be alarmed! We have created an import file for your use that can be found in the following Knowledgebase Article.
Stay tuned for more!
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ARCHIVED | Financial Edge® Tips and Tricks
12/07/2015 11:03am EST
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