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1099 [message #149244]

Wed, 30 November 2005 17:06

satchin
Messages: 24
Registered: September 2005

Junior Member

hi all
iam new to oracle apps..i just want to get familiar with certain terms. cud anybody tell me what a 1099 means in AP?? and also abt EFTs

thanx
satchin

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Re: 1099 [message #149268 is a reply to message #149244]

Wed, 30 November 2005 22:10

manwadkar
Messages: 104
Registered: September 2005
Location: Washington DC

Senior Member

In US accounting system 1099 is method of reporting possible tax liability to IRS/Vendor. When payment is made to vendor more than 600$ in a financial year, it is mandotory to report to IRS about the payment and also to vendor. The reporting document is named as 1099.

If payment is made to employee then it is reported as W-2.

EFT means Electronic fund transfer. It is method of fund transfer between financial institutes.

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Re: 1099 [message #149387 is a reply to message #149244]

Thu, 01 December 2005 07:50

Functionalconsultant
Messages: 8
Registered: November 2005
Location: US

Junior Member

Hi

1099 is a tax term used in US and EFT is Electronic Funds Transfer which is used in Payables to transfer funds from organisation to your bank. From which you can pay invoices to your suppliers.

Hope this has helped you.
Regards.

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Re: 1099 [message #152279 is a reply to message #149387]

Thu, 22 December 2005 03:06

chinna.s
Messages: 8
Registered: November 2005
Location: MUMBAI

Junior Member

Hi
the EFT is as rightly said , it is electronic fund transfer.
this is actually a term used to indicate the payment done via electronic media.you company hold account with one or many banks, EFT works this way;
1. u send a remittance advice to the bank.
2. u inform ur vendor abt ur payment.
3. bank will transfer the money to the extent u sent the notice to the vendors' bank account.

other wise this is also done by plastic cards, electronic checks, via phone sometimes etc..

hope this is clear,
Thnnks,
chinna

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Bank account information to AP [message #178161 is a reply to message #149244]

Mon, 19 June 2006 15:35

satchin
Messages: 24
Registered: September 2005

Junior Member

Hi all,
i have a question pertaining to EFTs and bank accounts. how do i load employee bank information into AP. what tables are to be loaded.
Are AP_BANK_ACCOUNT_USES_ALL, AP_BANK_ACCOUNTS_ALL, AP_BANK_BRANCHES the only tables to be loaded. I wanted to write a custom program to load into those three tables but how should i populate bank_account_id, bank_brach_id columns.
The bank data comes from Payroll. i've setup employees as vendors, only thing i have to do is to load their bank account infromation in AP to facilitate Direct Deposits.

Regards

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