Payment Code

D

1…3

P

U

This is a 1-character code used to indicate the minimum payment amount for the owner.  If the total amount payable for the owner is less than the minimum payment amount, the amounts payable for the owner are temporarily placed in petty suspense.  This can also be used by the cycle to pay or suspend certain owners.

Don't Pay - the owner will not get a check. Any amounts for this owner will be placed in petty suspense, regardless of the dollar amount.

Pay code amounts 1 thru 3 as specified in the Revenue/Billing Company Master/Petty Suspense Tab. The minimum amount to test for petty suspense items. If the revenue cycle is run with the Flush Petty flag on, this value is ignored and the owner is treated, for this run only, as if they were coded with the "minimum check amount when flushing petty suspense".  

Pay always.  The owner is written a check if the net amount due is positive.

U - Submitted to Unclaimed Property. A "U" on the owner master means that the owner has already had funds escheated once (possibly outside the system). When the Pay Code is changed to "U," a message will appear if there are checks that need to be voided prior to changing the pay code.

Withholding

Select the State and Federal Withholding Codes for this owner.

Deduct

W = Deduct Working Interest Revenue only against A/R Balance;

 Yes = Net Everything, Deducts all revenue against A/R balance;

 No = No Netting, deduct nothing against A/R balance;

 O = Net Working and Override, deduct Working and Override interest against A/R balance from the owner's check.  

See How Netting Works in Pak Accounting.

Refund credit AR Balances

This option works similar to the owner netting option.  The radio button on this screen and the check box on the cycle extract screen "Refund Credit AR..." must both be checked in order for the credit balance in an AR account to be refunded to the owner.

Exempt from "Other" / "Taxes

Checking one or both of these options will auto-populate these exemptions on the Division of Interest when the owner is added to the DOI. NOTE: Owner level correction utilities till not be impacted by this. They will still look to the history and any exemptions in the history will still be transferred to the new owner(s).

Payment Method

Designate the payment method as Check, Direct Deposit, Wire, or Credit Acct.

•The Direct Deposit and Wire Payment Methods are only available if you have the GL ACH module.

•If the payment selected is Wire, the wire routing number will be displayed.

•If Credit Acct, enter in an account number that balances will go to instead of being paid out (This is typically an A/R Account with the owner being the Sub-Account). This is especially useful for internal owner accounts since you wouldn't want to cut yourself a check.

Tax ID Type

Click the indicator for either SSN, EIN or ITIN to select the appropriate Tax ID Type.

Tax ID

Enter the 11 digit tax ID number to be used on the 1099.  For example, a Social Security number is entered as 440-15-1234; a federal tax ID number as 75-1234567.

NOTES:

•Tax ID numbers beginning with a "9" will be allowed so the owners with an ITIN# can be reported. An ITIN# is an identification number available to resident and non-resident aliens that are not eligible for U.S. Employment but are eligible to receive a 1099. (Note: ID must be entered for 1099 vendors and revenue owners.) The default is SSN.

•In order to change Tax IDs, a user's security record will need to have special access. See User Level Security for more information.

Tax Class

Select the TAX ID type: Individual/Sole Prop/Single LLC, C Corporation, S Corporation, Partnership, Trust/Estate, LLC-Corp, LLC-S Corp, LLC-Partnership, Other or Exempt. The default is Sole Proprietor.

The Tax Class designation determines aspects of how the 1099 will be produced.
 
NOTE:  These class definitions are determined by Congress and could change at any time.

Has W-9

Check this box if the owner has a W-9 on file. This is informational only. If you have the scanning add-on you can scan the signed W-9 into the Documents tab.

Extract to 1099

This should be checked by default. However, if this owner should not pull into the 1099 system, uncheck this box.

Check Memo Description

Information entered in this field will print on the owner's check.