The Prompt Payment Act Answer Book

William G. Arnold CDFM-A, CCA

• Publisher: Berrett-Koehler Publishers
• Year: 2009
• Print ISBN: 9781567262438
• eBook ISBN: 9781567263336
• Edition: 1
• Topic: Business
• Subtopic: Government & Business
• Index: Business

Find the Answers You Need to Comply with the Prompt Payment Act!
It can be challenging for federal agencies to comply with the Prompt Payment Act. Although the basic rules are simple, they can be difficult to interpret and apply properly — until now. Designed as a reference, The Prompt Payment Act Answer Book lays out the prompt payment rules in a question-and-answer format, enabling readers to find answers to hundreds of specific questions. Practitioners will find the information they need to get and stay in compliance with the Prompt Payment Act and will benefit from real-world examples they can apply in everyday operations.
• Government payment personnel: Get advice on how to structure your processes to comply with prompt payment rules, avoid negative audit findings, and deal with contractor inquiries about interest entitlements
• Auditors: Structure your prompt payment audits and pertinent information effectively
• Contractors and vendors: Verify that your invoices are being handled properly, determine whether you are due interest penalties, and learn how to appeal improper payment amounts
Plus!Two quantitative sections show you how to calculate payment due dates and interest penalties, and two quizzes help reinforce learning.

Table of contents

• Cover
• Title Page
• Copyright
• Dedication
• About the Author
• Contents
• Preface
• Chapter 1: Introduction to the Prompt Payment Act
• Chapter 2: The History of the Act
• Chapter 3: The Final Rule (5 CFR 1315)
• Chapter 4: Applicability
• Chapter 5: Definitions
• Chapter 6: Responsibilities of Agencies
• Chapter 7: Standards for Prompt Payment
• Chapter 8: Accelerated Payments and Fast Payment
• Chapter 9: Discounts and Rebates
• Chapter 10: Documentation
• Chapter 11: Calculating Due Dates
• Chapter 12: Late Payment Interest Penalties and Additional Penalties
• Chapter 13: Special Situations
• Chapter 14: Inquiries
• Appendix 1: The Prompt Payment Act Final Rule (5 CFR 1315)
• Appendix 2: Self-Quiz: Payment Due Dates
• Appendix 3: Self-Quiz: Interest Calculations
• Appendix 4: Solutions to Payment Due Dates Self-Quiz
• Appendix 5: Solutions to Interest Calculations Self-Quiz
• Appendix 6: Treasury Financial Manual Bulletin: Current Value of Funds Rate
• Appendix 7: Prompt Payment Act Interest Rates
• Index