Overview
Settle makes it easy to store and manage your vendor information, including crucial tax documents like W-9s and W-8s. This article guides you through the process of adding, updating, and accessing vendor details.
Storing vendor information
To add or edit vendor information:
Go to the Vendors tab.
Search for the vendor by name.
Select the vendor to view their details.
Click Edit to modify existing information or add new details.
You can store the following types of vendor information:
Business name, type, and EIN/TIN
Addresses and contact information (email, phone)
Bank accounts for payment processing
Payment terms and conditions
W-9s and W-8 tax forms
Vendor credits
Important Note about Verified Vendors:
Bank accounts added and verified by the vendor cannot be edited or archived.
Certain business information (e.g., email address) for Verified Vendors cannot be changed on the Edit Vendor screen. To update this information, you must contact Settle Support.
Updating information for verified vendors
To update information for a Verified Vendor:
Email support@settle.co with the vendor's email address cc'ed.
Include the specific changes you would like to make.
In the email, clearly state that the vendor needs to respond to authorize the changes.
Settle Support will update the information after receiving written or verbal confirmation from the vendor.
Managing tax forms (W-9s and W-8s)
For Payers:
Settle helps with IRS reporting requirements by automatically determining whether a vendor is likely to be tracked for 1099 form reporting, based on the business type selected in the vendor profile.Here’s how Settle categorizes vendors for 1099 tracking:
Sole Proprietorship, Individual, Partnership, or Limited Partnership: These business types are typically subject to IRS 1099 reporting. As a result, Settle will automatically enable 1099 tracking for these vendors.
C Corporation and S Corporation: The IRS generally does not require 1099 forms for corporations (with a few exceptions). Therefore, Settle will not enable 1099 tracking by default for these vendor types.
LLC, Non-Profit, or Business (Unknown Type): These business types have more flexibility and are handled on a case-by-case basis. In Settle, 1099 tracking can be manually enabled or disabled for these vendors, depending on their specific tax classification.
Note: If you’re unsure about a vendor’s tax classification, we recommend requesting a completed W-9 form to verify their reporting status.
Adding a W-9/W-8 for a Vendor:
Go to the Vendors page and search for the vendor.
Select the Add button.
Choose to upload a file, request the form via email, or share a link for the vendor to upload.
Updating a Vendor's W-9/W-8:
Go to the Vendors page and search for the vendor.
Select the vendor and click Update Form.
Choose to upload a file, request the form via email, or share a link for the vendor to upload.
Important note: To view the W-9/W-8 form of a "verified" vendor, you must have completed at least one payment to that vendor.
For Vendors:
Adding a W-9:
Go to Settings > Account Receivable.
Complete the required information (business name, address, EIN, etc.). This will auto-populate the W-9 form.
Alternatively, upload a completed W-9 form directly.
Adding a W-8:
Go to Settings > Account Receivable.
Upload a completed W-8 form.
Updating a W-9/W-8:
Go to Settings > Account Receivable.
Delete the existing form and re-upload the updated version.
Holding payments for missing tax forms
Go to Settings > Accounts Payable.
Enable the Hold Payments toggle to automatically hold payments for vendors without a W-9/W-8 on file.
(Optional) Enable Manual Override to allow admin and payer roles to release held payments.
FAQs
Does uploading W-9/W-8 forms in Settle sync back to QBO?
If a payer or vendor uploads the file manually, it does not sync to QBO because QBO’s API does not support file uploads.
If a payer or vendor fills out the W-9 form manually in Settle's UI, the data will sync to QBO.