Vendor Ventures
This type of vendor may not receive a 1099 even if paid over $600, depending on their tax classification.
What is a corporation (C-Corp or S-Corp)?
This mailing service is used by NS to send physical checks to vendors.
What is USPS, UPS, Certified Mail
What are the ways to get in touch with NS Ethics & Compliance?
What is NS Reporting Hotline, Email, Direct call, Through supervision
This is how often check payments are typically released.
What is weekly
This error can occur when a vendor's name is entered using a trade name instead of the legal name.
What is a name/TIN mismatch?
This term refers to ensuring vendor data is correct, complete and up to date.
What is data integrity?
This process is used when mailing checks overnight or to a different address or contact.
What is Special Handling
What is the first step you should take if you accidentally used your NS purchase card for personal use.
What is Report the mistake immediately to your supervisor and the P-Card administrator?
These are Norfolk Southern’s standard payment terms for vendor invoices.
What is Net 34 Days
This IRS form is required from foreign vendors to provide their Taxpayer Identification number for reporting payments.
What is a W-8 form?
To prevent fraud and ensure payment accuracy, the vendor team often calls this person before updating a vendor's bank details.
What is a trusted contact?
Checks that are never cashed by the vendor eventually fall under this classification and must be handled according to state law.
What is stale-dated checks that are escheated
This schedule guarantee that records are kept if legally and operationally required.
What is the Record Retention Schedule
Before the payment run, invoices above this dollar threshold should be reviewed daily.
What is 250,000
The vendor team uses this tool to check profiles to ensure compliance and reduce exposure to fraud.
What is Smart VM?
This system error may occur if a vendor record is created without linking to a valid company code.
What is a posting block?
These annual tax forms are mailed to vendors each year to report payments made to them.
What are 1099 forms?
This procedure details the roles and responsibilities for all employees and those managing any process that impact the records management program.
What is the Corporate Procedure 206.1
This is the cut-off time to enter an invoice to include it in the next check printing run.
What is 8AM Monday
Before validating a vendor's bank account, this document is often required to confirm ownership and account details.
What is a voided check or bank letter?
What is an ERP system?
This review is performed at the beginning of each month during the close process to explain differences between actual and budgeted amounts.
What is Month-End Close Variance
These guiding principles represent the core values of NS.
What is the NS Spirit Values
Safety, Performance, Integrity, Respect, Innovation, and Teamwork.
When checks are altered by someone, this system is used by banks to detect and prevent fraud.
What is Positive Pay
This form is required from vendors to authorize electronic payments directly to their bank account via the Automated Clearing House (ACH).
What is an ACH form?