Last updated on SEPTEMBER 15, 2016
Applies to:PeopleSoft Enterprise FIN Payables - Version 8.8 SP1 and later
Information in this document applies to any platform.
The Withholding Vendor should be picked up even if the amount is less then $600 for a Class since the Class, when combined with other Classes for that Vendor, exceeds $600.
Vendor's reportable Withholding Amount for Class 07 is $100 and Class 01 is $510.
Each Class is less then $600 but when both Classes are combined together, the Vendor has more then $600. Per the customer, this Vendor should be picked up during the 1099 process and be reported.
If the Vendor the box for "Direct Sales of $5000 or More" checked on the Vendor > Location > Global/1099 Withholding hyperlink > Withholding Vendor Information page, then this Vendor is picked up. If box is not checked, the Vendor is not picked during the 1099 process. This check box does not apply to all Customers as they are paying Vendors for their services and use of their equipment. The Vendors are not reselling anything to the Customer.
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