What You Should Know
One of the key aspects of the University’s buying and paying processes is supplier management, the process whereby suppliers and individuals that we wish to buy from or pay are created in Prime Financials. The process ensures that we maintain accurate records for tax reporting and for services such as directing payment to the right address or bank account.
A new process was launched in April 2016 to streamline the request process. New suppliers are now requested through the Prime Marketplace.
Some of the benefits of the new process include:
- A more intuitive supplier request form
- A condensed onboarding form for foreign supplier requests
- A new online self-registration portal for domestic suppliers, reducing the need for paper forms and allowing suppliers to maintain their own information
Supplier Registration Notification - This is a communication that you may use with your Suppliers or Payees to help prepare them for the registration process.
We have developed the below guides to assist you with any questions you may have with the registration process. Contact the Financial Service Center at firstname.lastname@example.org to request access to your company’s profile.
Simplified Tax Forms for Supplier/Payee Onboarding
Domestic suppliers and payees that have been invited to register through the Prime Marketplace will no longer be required to upload a W-9 form. Instead, all relevant information will be collected through the online registration process. Suppliers and payees will electronically attest to the accuracy of the information – no paper required!
Foreign suppliers and payees are not yet able to register through Princeton’s Supplier Portal and will still use paper forms. To streamline this process, we have combined the W-8BEN and W-8BEN-E forms with the Supplier/Payee Management Form. The new Foreign Entity Supplier Management Form and Foreign Individual Supplier Management Form are meant to reduce the number of forms required to onboard a foreign supplier, and simplify the information requested to focus on only the necessary information. For suppliers requesting a tax treaty exemption or foreign financial institutions, the full IRS form W-8BEN-E or W-8BEN will still be required.
Please note, other information requirements for onboarding, such as insurance, visa, and contract copies, have not changed. Please refer to the Foreign Supplier Quick Reference Card for more information.
In cases where suppliers and payees prefer to provide the standard IRS W-8BEN and W-8BEN-E forms, the completed forms and separate Supplier/Payee Management Form will still be required.
Training is available through the Employee Learning Center:
- Supplier Management: What's New & Different
- Onboard & Pay Domestic Individual Suppliers/Payees
- Onboard & Pay Foreign Individual Suppliers/Payees
Documentation is also available:
- What's New & Different Course
- Supplier Management Workbook
- Request a New Supplier (includes links to documentation)
For questions, please contact the Financial Service Center at email@example.com or (609) 258-3080.