Prompt Pay

Description:

This course focuses on the Prompt Payment Act. Students will be able to understand policies and procedures regarding the federal payment process and how to determine payment due dates plus how to calculate interest penalties and discounts.

Major topics include:

• Prompt Payment Act
• Application of the Prompt Payment Act
• Terminology used in the Prompt Payment process
• Guidelines regarding the Federal Payment process
• Prompt payment standards required notices to vendors
• Required documentation
• How to determine payment due dates
• How to calculate late payment interest penalties
• How to calculate discounts

Who should attend:

Accountants and Financial personnel or anyone from supervisors to accounting technicians or voucher examiners who are responsible for preparation, examination, and certifying an organization's payments will greatly benefit from this course.

Prerequisites:

• None