FIACCT 05-17_00 Payments – Vendor overview

Effective: July 1, 1994
Revised: December 1, 2019
Reviewed: December 1, 2019

Purpose

This policy defines the policies for the unique codes for vendors, organizations, or individuals to which the State makes payments.

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Background

For each vendor, organization, or individual, the Vendor/Customer Table (VCUST) includes a vendor name, payment address, ordering address, required taxpayer information, and type of vendor. As needed, an alternate vendor name and address can be added. The VCUST contains fields to enter a contact person, phone number, etc.

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Policy

A. Each vendor will be assigned a unique Vendor code before any transactions are generated for them.

B. If a Miscellaneous Vendor code is necessary, the agency is required to enter the vendor name and address. Obtain a TIN number for 1099 reporting (W-9 or IRS LTR 147-C preferred). If used, payments must meet State Purchasing and Tax Reporting requirements.

C. Vendor code additions, changes, or deletions will be available in FINET as soon as the information is reviewed and approved by the Division of Finance.