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.
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