Groups together multiple Accounting Templates,
which are assigned accounting distribution percentages. A user can
select Accounting Profiles on transactions to facilitate and standardize
data entry.
If the vendor is reportable, but has not
provided complete, accurate tax information, backup withholding will
reduce the payment amount made to the vendor based on a percentage
fee. Factors that determine whether a disbursement qualifies for backup
withholding include: the type of vendor income, whether the object
or balance sheet account is reportable, and the eligibility of the
vendor itself.
3402(t) Contract Withholding threshold and
percentage can be set up on the 1099P table. If Contract Withholding
is enabled, then vendors are subject to a percentage withholding for
payments, with exceptions. Contract Withholding reduces the payment
amount made to the vendor. Refer to the “Contract
Withholding” topic in the CGI
Advantage Financial -Tax
Reporting User Guide for more information.
The Check Correction refers to the process
of voiding and/or renumbering the checks that are in the disbursement
cycle and have not been posted to ledgers. In addition, the process
allows the user to reprint physical checks printed on the pre-printed
check stock after the Disbursement process is finished.
A feature available to disbursements is to
count the hard copy (non-EFT) automatic disbursements made. By just
using counts, a central agency can thereby allocate the cost of issuing
those disbursements to departments. The counts, however, can also
be used to encourage vendors to register for EFT payments through
warnings put in check stubs and even accessing a fee after a pre-defined
number of disbursements for a Fiscal Year and Department have been
reached for a Taxpayer Identification Number.
A payment to a vendor is offset and a portion
of that payment is retained by the disbursing entity or remitted to
a third party. Payments to a vendor may be intercepted on the basis
of a Lien, a Tax Levy, a Garnishment, or a Receivable.