F3 System – W9 How It Works
The F3 stores and tracks W9s in a searchable library. So you always have them digitally to be emailed or audited. You can also copy your W9s to future shows.
Now let’s see how we use the F3 for storage and tracking.
A user can be assigned to many companies and you can also collect forms and use them across multiple projects. Within each company, building a W9 library begins by uploading a completed and signed form.
If you’re sitting on piles of archival W9s and need them uploaded, we can do the bulk storage and data entry for you.
When uploading a W9 two data points are required, a company name and a fed ID. If a fed ID has already been uploaded by another user, the system will prompt you with the prior details. So you don’t have to re-key it.
You can change it if you want, but the database will try to help you save time where it can. You have to upload your own W9s, but you can use previously entered data from other users. This functionality is tied to the fed ID and is indicated on screen if there are multiple entries for the same fed ID, the system will prompt you with a list of what’s available.
We could enter the tax class, street address, city, state, zip, phone number, vendor contact, but only two data points are required on the initial upload. The balance of this data will be entered later. And we save the document to the database.
The W9s entered for your company are accessible on all your projects. And you can invite new users if you need them. Once you invite a user, you can assign them to the projects you want them to work on.
Now, let’s say you start a new show and you want to copy all the W9s that you collected from the last project. In this new company there are no W9s that have been uploaded. After we have copied all the W9s from the last show, the forms are now available in both companies, and that’s it.
The F3 system stores, your W9s. You can also track W9 versions, audit signatures and incomplete forms to make sure you’re current with IRS regulation.