Payee Form Data – when filling out this form, what do the “Code”, “Name-Ctrl” and “Account” fields mean?
Code is simply an identifier within Magtax. When importing data this is automatically created – sequential numbers. When adding Payees manually you can enter a value. Name Ctrl is an IRS field – and described in the IRS instructions – that contains parts of the payee’s name. The IRS uses it as a check on names. Account is a field for you to use to track the payee back to your account system. A vendor ID for example.
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