[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR206.3]

[Page 42]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 206--MANAGEMENT OF FEDERAL AGENCY RECEIPTS, DISBURSEMENTS, AND OPERATION OF THE CASH MANAGEMENT IMPROVEMENTS FUND--Table of Contents
 
Sec. 206.3  Billing policy and procedures.

    The billing process is considered an integral part of an effective 
cash management collection program. In those situations where bills are 
required and the failure to bill would affect the cash flow, bills will 
be prepared and transmitted within 5 business days after goods have been 
shipped or released, services have been rendered, or payment is 
otherwise due. An agency may prepare and transmit bills later than the 
5-day timeframe if it can demonstrate that it is cost-effective to do 
so. In addition, the bill must include the terms and dates of payments, 
and late payment provisions, if applicable. Terms and dates of payments 
will be consistent with industry practices. I TFM 6-8000 describes 
detailed billing policies, procedures, and industry standards for 
agencies.