Change Vendor's TIN During the Calendar Year

If a vendor notifies you during the calendar year that their TIN has changed or a TIN was entered incorrectly, there is an easy way in Advantage Financial to record the change in TIN/TIN Type that will ensure that all reportable transactions for that vendor are reported under the new TIN going forward.  

1. Create a record on the 1099 Reporting Information table (1099I) for the new TIN/TIN Type. This may be done directly on 1099I with the correct security or via the VCM transaction.

2. Once the new TIN record is saved, navigate to the old TIN record on 1099I. Once on the old TIN record,

   1. Open the Change TIN tab on the page

   2. Enter the new TIN and TIN Type in the TIN Change tab

   3. Select Update all Vendors so that all vendors with this TIN will be updated at the same time  

   4. Click Save.

By following these instructions, all vendor customer records (both Headquarters and Location records) as well as any 1042-S Reporting Information record that contains the 'old' TIN/TIN Type combination will be updated with the new TIN/TIN Type. In addition, you will have established an audit trail on 1099I as the old TIN will be updated to the 'Previous TIN' field of the new record. However, if transactions have been processed with the old TIN and updated to the 1099 Reporting journal, the new TIN will not be updated to the 1099 Reporting Journal. The above can also be done manually by looking up the vendors assigned to the old TIN and updating it with the new/correct TIN.

IMPORTANT NOTE: The second step in these instructions must be done directly on the 1099I record. You cannot execute the Change TIN functionality when updating 1099I using either the VCC or VCM transaction.