Using Accounts Payable

Vendors: Adding a VendorTable 13: Fields on the Vendor Tax Information (VNTX) Form (cont’d)FieldDirect ResaleFlagUsageDisplays “Y” if this vendor is subject to directsales reporting.Internal Revenue Service (IRS) regulationsrequire an institution to indicate on a vendor’s1099-MISC form whether the institution sells, toa vendor, “$5,000 or more of consumerproducts . . . on a buy-sell, deposit-commission,or other commission basis, for resale (by thebuyer or other person) anywhere other than in apermanent retail establishment.”If this vendor receives such sales from yourinstitution, enter Y in this field. When yougenerate your 1099-MISC forms, Colleaguechecks this field and marks the proper box onthe vendor’s tax form.Required/OptionalOptionalT4A Information (appears for Canadian institutions only)Deferred FlagPensionNumberIdentifies the classification of installment orannuity payments under a DPSP. These codeshave been specified by the Canada Customsand Revenue Agency for reporting on T4Amagnetic media.The valid choices are the codes defined for yourinstitution in the T4A.DEFERRED.FLAGS codetable.Indicates the pension number, or recipient’snumber, as required by the Canada Customsand Revenue Agency for T4A magnetic mediareporting.OptionalOptional84 Using Accounts Payable, June 19, 2009© 2009 Datatel, Inc.