© 2009, 6" x 9" hardcover, 172 pages
Product Code B438
By William G. Arnold, CDFM-A, CCA
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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
- 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.
Introduction to the Prompt Payment Act •
The History of the Act • The Final Rule (5 CFR 1315) • Applicability •
Definitions • Responsibilities of Agencies • Standards for Prompt
Payment • Accelerated Payments and Fast Payment • Discounts and Rebates •
Documentation • Calculating Due Dates• Late Payment Interest Penalties
and Additional Penalties • Special Situations • Inquiries
About the Author
William G. Arnold, CDFM-A, CCA,
worked with the Department of Defense for 34 years, over 25 of which he
spent in financial management. He has held positions as Budget Officer,
Director of Resource Management, Director of Disbursing, and
Entitlements Director with the Air Force and the Defense Finance and
Accounting Service. Mr. Arnold is also the author of
Performance Budgeting: What Works, What Doesn’t and The
Antideficiency Act Answer Book