FATCA regulations go into effect 7/1/14 -how to collect & track information

 

Due to the FATCA regulations which go into effect on 7/1/14, there is much more information that we must collect from our foreign vendors and track in our vendor master files and/or accounts payable systems in order to properly report payments made to those foreign vendors each year-end on forms 1042-S (vendor statement) and 1042 (IRS statement). However, our current JDE AP systems are not set up to accommodate this.　How are other companies handling this?