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Friday, August 01, 2008 Changes to WEBBA Trans Types
The principal reason for assigning a Trans Type to each University Disbursement and Accounts Payable transaction is to distinguish University payments that require tax reporting and/or withholding from those payments not subject to any tax implications.
The Trans Type list in both the Form and Paperless Check Request processes has been consolidated to facilitate tax reporting and/or withholding. Correspondingly, processors will notice different and fewer Trans Types in the drop down menu. An expanded description of each Trans Type has also been provided.
- Processors Don't Need to Be Trans Type 'Experts' -- Check Request processors are not expected to be Trans Type 'experts.' Staff in Disbursement Control will review each Check Request and may assign a different Trans Type than the processor, depending on the request's description. What is most important is for processors to provide a clear description of each payment request so that the Trans Type can be changed by Disbursement Control, if necessary.
- Requisition Processors -- Processors do not assign a Trans Type in the WEBBA Requisition process. Staff in Accounts Payable will assign Trans Types when invoices are paid against a Purchase Order based on the description provided on the Requisition.
- Important Note for International Payment Requests -- Processors of Check Requests to international entities or foreign individuals, including wire transfers and foreign drafts, are now requested to assign more specific Trans Types depending on the payment purpose.
Detailed information on Trans Types is posted on the following website: www.usc.edu/dc/transtypes.
If you have any questions, please post them to my Blog. There you will see my responses to your questions, along with Q&As from other Check Request Processors. www.usc.edu/bservices/blog.
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