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

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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