CK99 - WITHHOLD
Vendor Withholding (1099, out-of-state, et al)
This common code is used to calculate and withhold a payment amount from a vendor. Up to five different withholdings may be configured within this common code. Define each line (up to 5 types of withholdings may be defined) with a percentage, valid Posting Code, and a valid Relate To codes (RT01/XX or RT02/XX). Each line of this common code creates a lookup grid where the 1st Assoc Desc field (a Relate To code) will use only the percentage within the 1st Numeric Value and 1st Assoc Code for posting the withholding. BusinessPLUS reads the valid Relate To code and then calculates withholding based on settings within the common code's "line" (as if there were 5 independent lines). Up to five withholdings can be defined and created against a transaction, which will be applied to the distribution amount while processing payables.
A similar common code is also available with a Code Category / Value of CK99 / 2TIN-NOT that also calculates withholding yet this code enables additional withholding options and percentages. Review which Relate To codes are configured with withholding between the various options and its recommended to use a Relate To code only once, regardless of the use of the code within the Relate To 1 or Relate To 2 defined codes.
Note that 1099-Misc Backup withholding configured within CK99/2TIN-NOT and this code require the presence of other common codes and setup. Relate To codes are defined within the common code with a Code Category / Value of RT01/XX or RT02/XX. Relate To codes are used to link the sum of disbursed funds into particular boxes within a 1099-Misc Form for qualified vendors who meet the dollar threshold for reporting miscellaneous income. Another common code with a Code Category / Value of CK99 / RELATEXX (01, 02, and 03) determines which box within the 1099 for that the Relate To code will be routed into.
Code Category: CK99
Code Value: WITHHOLD
Short Description: Valid Division code to be used for transaction that will include Withholdings.
Medium Description: Used to described the common code.
Long Description: Used to described the common code.
Associated Numeric Values
1-5: Enter the percentage to withhold.
Associated Codes
1-5: Enter the Posting Code to use.
Associated Descriptions
1-5: Enter the relate-to code.