The W9 form is required from all Suppliers to certify when they are exempt from backup withholding or the payer must collect withholding taxes on reportable payments to the IRS using the 1099 form. The tracking can be done in PeopleSoft using the Government Certification definition and tracked in the Supplier definition. How? Let’s do a quick walkthrough.
1. Define the W9 Certification source
2. Record the receipt of the W9 in the supplier definition and use the effective date to tracking new W9 forms over the years.
3. Optional – Scan the W9 and attach the image using the Supplier Attachments feature
4. Create a query to monitor Suppliers without a W9 or an expired W9 recorded on the table VNDR_GOV_CERT to monitor and report the W9 status as you prepare for year end 1099 reporting.
This is a quick and efficient workflow, and I’ve implemented in many of MIPRO’s clients. Give it a shot. If you have any questions about this, drop me a note and I’ll help where I can.