Prompt Payment Act
8 CPEs
This course is designed to help participants gain an understanding of the:
Voucher examination and payment process
Prompt Payment Act
Current implementation guidance including an overview of OMB Circular A-11, Part 4,
Requirements for accurate and legal federal payments
Proper documentation for supporting payments
Procedures and liability for improper actions and payments
Scheduling payment due dates
Payment discounts and when to take them
How to calculate interest penalty payments
Government-wide commercial purchase cards
Course Objectives:
Upon completion of this course, participants will be able to:
Administer the Prompt Payment Act and Office of Management and Budget (OMB) guidance effectively
Explain the entire vendor payment process
Determine payment due dates and calculate interest penalties
Follow procedures to reduce interest penalty payments and increase the use of payment discounts
Interpret the most current OMB payment policies and procedures in order to manage scarce financial resources effectively
Ensure compliance with the “Final Rule” for federal payments
Course topics include:
The Voucher examination and payment process
The Prompt Payment Act, as amended
Proper documentation for supporting payments
Procedures and liability for improper actions and payments
Scheduling payment due dates
Prerequisites:
Supervisory discretion - Basic level