Contract and PSC Payments
When processing Personal Service Contract/PSC payments it is critical that payment is issued to the correct contractor name to assure accurate 1099 tax reporting at year end. There are a lot of individuals in Banner with both UO IDs (95XXXXXXX) as well as vendor numbers. If the contractor has an actual business name (doing business as/dba) then payment should be issued to their vendor number and not their 95XXXXXXX. (Payment should only be issued under the 95XXXXXXX if the name on the PSC matches the name under their 95XXXXXXX).
The contractor is the full legal name or business name listed under the Contractor Information section on the PO for Services (previously Honorarium Contract) or Personal Services Contract/PSC. The legal name is not always the individual who signed the PSC. See Vendor Setup for more information.