Optimize Vendor Onboarding and Management
Vendor Validation for Accounts Payable Compliance in AcumaticaBook a demo
Ensure Compliance & Stay Sane
Vet your vendors without lifting a finger.
Mekorma Validation tools automatically verify TIN numbers and check the Office of Foreign Assets Control (OFAC) sanctions list so you don’t have to.
The results are accessible right in your ERP so your team can take necessary action and avoid penalty fines.
Get real-time results on your vendor status
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OFAC Vendor Validation
Don't pay the wrong people!
US organizations are not allowed to do business with any entity on the Office of Foreign Assets Control (OFAC) global sanctions list.
The list is updated on a regular basis, so it’s not enough to only check during the vendor onboarding process. But for most Accounts Payable teams, it’s impossible to stay on top of every update!
Vendor TIN Matching
Be tax compliant!
In a perfect world, every vendor would supply your Accounts Payable team with the correct Tax Identification Number (TIN). That doesn’t always happen.
If a discrepancy between your records and the IRS database goes uncorrected, your company could be fined for each mismatch.
Mekorma Vendor Validation tools integrate directly with Acumatica so your AP team can confidently:
- Search the OFAC list for a match when a new vendor is added to your ERP, and before payments are processed for existing vendors.
- Perform TIN Matching against the IRS database when a new vendor is added to your ERP, and before issuing payment to established vendors.
- If a vendor is found on the OFAC list, the system can be configured to hold payments to that vendor.
- If tax detail does not match, you can hold that vendor’s payment until the TIN is corrected.
Ease Tax Season
- If TIN errors are identified, add retainage for 1099 vendors to ensure that tax submissions are processed smoothly.
Save Screening Audit Records
- Prove your staff took reasonable action to avoid processing payments for OFAC listed entities, and that TIN matching issues were identified with attempts to correct the problem.