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Financial Management: Title 7--Prepayments

  Premium   Download PDF Now (3 pages)
Report Type Reports and Testimonies
Report Date April 2, 1993
Report No. AFMD-93-57R
Subject
Summary:

Pursuant to an agency request, GAO clarified a Title 7 requirement that agencies record intragovernmental billings as deferred items if payment is made prior to the receipt of goods and services. GAO noted that: (1) intragovernmental payments often occur before an agency receives goods or services when the agency processes a bill through the Treasury On-Line Payment and Collection system; (2) recording a deferred item helps ensure that immediate recognition of the payment occurs, there are necessary controls to facilitate adequate monitoring and adjustment of all transactions where payment is made prior to receipt of items ordered, and year-end reported expenses and deferred items are accurate; and (3) although recognition of a deferred item is not necessary to comply with the Title 7 requirement, the Nuclear Regulatory Commission should provide a periodic listing to management on the status of open items, and implement year-end cutoff procedures to reduce its expense account.

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