Treasury provides central payment services to the American public on behalf of government agencies. Our vision for the future of federal financial management includes creating a seamless end-to-end process for disbursements that is all electronic: from the initiating transaction through settlement: more efficient, faster, and secure. Our goals include:
- 17 CFO Act agencies using Invoice Processing Platform with $45B of invoices processed by 2021.
- Reduce the number of paper checks printed by Treasury to 50M by 2021
- 95% of federal payments are Treasury-disbursed by 2021
These are activities that agencies perform to get funding and to be able to spend the funding. Some examples of these activities are budget formulation, setting up Treasury Account Symbols (TAS), and allocating funding to the TAS so that the funding can be spent.
These are the activities that agencies engage in in order to accomplish their mission. Some of these activities include payroll, travel, issuing grants and contracts.
These are the activities related to paying recipients the funding based on what was promised during agency operations. Some examples of this is payee setup and outlaying of funds.
These are the activities related to reporting how agencies spent their funding. Some examples of reporting include GTAS, DATA Act, Consolidated financial statements.
These are the activities related to determining if agencies made payments in accordance to applicable laws. Some examples are the Prompt Payment Act, Improper Payments Elimination and Recovery Improvement Act of 2012 (Do Not Pay) and Management's Responsibility for Internal Control (OMB A-123).
The principal objectives of control of disbursements are to ensure that all disbursements are legal, proper, and correct and that all disbursements are accurately recorded, reported, and reconciled in a timely, efficient manner. Each agency’s system of internal management control, and related procedures for, disbursements should be based on the operating needs of that particular agency and should conform to the Department of the Treasury’s (Treasury’s) regulations and the related principles and standards for internal management control prescribed by the Federal Accounting Standards Advisory Board (FASAB).
This page was last updated on June 22, 2021.