The second tab, titled Defaults, can be used to setup default information for a vendor when invoices are entered into the software.
Note that any defaults selected here will be used on invoices as they are entered for a vendor. However, this does not mean that a user can’t change the information on the invoice as the invoice is entered.
Some options of interest are listed below with more details.
• PAYMENT TYPE – Accounts Payable offers three types of payments for vendors. This includes Checks, ACH or Direct Deposit. Payments via Check or Direct Deposit require no setup. However, payments via ACH do require a small setup procedure to be completed by a BankTEL technician.
• SEPARATE CHECK – This option is used to flag an invoice as needing to be on a single check by itself. By default Accounts Payable will combine multiple invoices for a single vendor onto one check. This option would only be used when a user did not want invoices for a single vendor combined onto one check.
• USE TAX -Use Tax should be calculated when a purchase was made and no applicable sales tax was charged.
VENDORS adding
• FIXED ASSET / PREPAID – Selecting these options allows invoices entered into BankTEL’s Accounts Payable to transfer to BankTEL’s Fixed Assets and/or BankTEL’s Prepaids & Accruals if the products were
purchased.
The third tab, titled 1099 Setup, is used to make a vendor 1099-MISC applicable. 1099 Miscellaneous is the only 1099 type that Accounts Payable supports.
If a vendor should be flagged as 1099-MISC applicable then the option for SEND 1099 should be set to Yes. The other information should be filled out accordingly. If the name and address used on the Information tab is the same as the name and address used for 1099-MISC reporting then this portion can be left blank on the 1099 Setup tab.
Some selections of interest are listed below with more details.
• Ignore W/H Exemption – If this box is flagged, the exemption entered in the bank master will be ignored and will not apply to this vendor. Any payments made to this vendor, with this box flagged, will all have the W/H % withheld from all payments.
• W/H % - If this vendor is subject to backup withholding, the percentage to be withheld should be entered here.
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• TIN – This stands for Tax ID Number. This is a number that the vendor would use to report information to the IRS and something that would normally be filled out on a W-9 form by the vendor.
• TYPE – This indicates the “type” of TIN used by the vendor. This included Social Security #’s, EI – Business (Employee Identification Number) and Other.
• STATUS – This option is used to flag a vendor as having filled out and returned a W-9 request. When sending W-9 request in a mass mailing user’s will have the option to print out a W-9 for vendors who are Certified , Not Certified or All Vendors. This option does not have to be used.
The fourth tab, Management, can be used to keep up with vendor contract and management information. The information in this document is written to correspond with BankTEL’s optional ENHANCED VENDOR
MANAGEMENT MODULE. If this addition was not purchased then your screens will reflect BankTEL’s STANDARD VENDOR MANAGEMENT.
A user can elect to flag a vendor as being “Under Contract” by selecting the option titled as such. Users will be prompted to enter contract information such as the Start, End and Renewal Date when the button titled Finish is clicked.
If the contract dates are filled out then a notification email can be sent to the Notification User selected at the bottom of the screen as the dates arrive.
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While most of the selections on the Management tab are self explanatory some selections of interest are listed below with more details :
• RENEWAL NOTES – This field can be used to key in any user defined comment about the renewal process of the contract.
• ACCESS TO CRITICAL BANK DATA – This option can be selected if it applies to a vendor and user defined notes about the access and/or data type can be entered into the box below.
• ACCESS TO CRITICAL CUSTOMER DATA – This option can be selected if it applies to a vendor and user defined notes about the access and/or data type can be entered into the box below.
• PHYSICAL ADDRESS – This is simply for informational purposes only and is not used for any type of mailings or payments.
• LAST AUDIT DATE – This date can be reflective of any “audit” that is desired whether it be internal, state or some other “audit”.
• RISK RATING SELECTIONS : The seven risk rating selections available (Strategic, Reputation, etc.) are available to calculate an overall risk rating for a vendor. The risk rating selections should be determined by the user. The importance of each selection is determined by the Vendor Management Setup.
Prior to clicking the Finish button to add a vendor the user can elect to use any of the buttons at the top of the screen to :
• SCAN OFAC – If the optional OFAC SCANNING MODULE was purchased then this option can be used to scan a vendor against the OFAC SDN List.
• W-9 REQUEST – This option can be used to create a W-9 request letter for the vendor.
Once the Finish button is selected the user will be prompted to enter contract information if the vendor was flagged as being “under contract”.
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Once the contract information has been entered and saved, the user will be prompted to save any images that pertain to the vendor. This would normally be something such as copy of the contract or a perhaps a completed W-9.