R12: FV: How does the Due Date Calculation Process Work in Federal Application?
(Doc ID 2758290.1)
Last updated on MARCH 10, 2021
Applies to:Oracle U.S. Federal Financials - Version 12.1.3 and later
Information in this document applies to any platform.
The Federal Prompt Payment Act requires that if a vendor submits a proper and valid invoice to a federal agency, the agency must pay the invoice on time. If not, the payment is late. In most cases, when an agency pays a vendor late, the agency must pay interest.
U.S. Federal Payables provides the Due Date Calculation process to calculate payment due dates according to the terms of the Prompt Payment Act.
What are the expected calculations?
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