Major account classification for services rendered to the university. This code excludes payroll, which is accounted for in account classification 1000.
Contractual Services are subject to 1099 reporting and to tax withholding per the Internal Revenue Code. In general, if payments are made to an individual or a partnership for services, a 1099 is required. Care must be taken to see that the vendor number in use will generate a 1099. For further information consult IRS Publication 937.
Entries for budget, payroll or accounting purposes may not be made to this account code.
Select a sub account group to view account codes and definitions.