Abstract

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. Buy both The Antideficiency Act Answer Book and The Prompt Payment Act Answer Book , save $10 at checkout by entering coupon code COMBO2. Contents 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 .