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W-9's and adding vendors to your systems

By Kristy Varda posted 01-06-2017 08:02

  

This was a recent posting in the Nsite community and funnily enough we have had the same issue arise here in our office. 

Who makes the determination on what addresses or information gets entered into your financial system?  How do you know the information you have received is accurate?  What about multiple locations for the same Tax ID (EIN) number?

When you are in a large jurisdiction where procurement and finance are separate departments this is a constant battle on who "owns" the vendor file.  When you are in small jurisdictions it is a collaborative effort to make sure both sides of the house (procurement vs accounts payable) have all the information needed to do their job.

As we just implemented a new ERP system there is a considerable amount of vendor clean up coming out of the old system and some retraining on thought processes for vendors.

As an example our old system allowed for us to have a tax ID number in it multiple times mainly due to the fact that there was only space for a corporate address and a remit to address.  In our new system we can add an unlimited number of addresses associated with a single tax ID.  

Because of this we have tried to create a standard:

The first address listed is the corporate address as listed on the W-9, the second address is the remit to address, all other addresses are added as needed such as PO address, contract administration address, etc.

Now the conundrum of ensuring the information you have is accurate.  As stated in the previous Nsite posting you can check against the IRS, however that is typically only the corporate address and not all the others.   Since we can scan and attach the documents to our vendor file we do so and have to rely that the vendor is providing us with the most up to date information. 

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01-06-2017 08:03

check out the full blog at

https://procurementrulz.wordpress.com/