GFEBS L251E Accounts Payable Process Overview UPDATED ACTUAL Exam Questions and CORRECT Answers

GFEBS L251E Accounts Payable Process
Overview UPDATED ACTUAL Exam
Questions and CORRECT Answers
- CORRECT ANSWER - any person including employees or org that provides goos or
services to the army and must be paid


Invoice - CORRECT ANSWER - commercial doc that a seller issures to a buyer. the
invoice indicates the products, qty, and agreed upon pricwes for products or services that the
seller has already provided the buyer


Electronic Funds Transfer (EFT - CORRECT ANSWER - payment method that provides
automatic electronic transferral of funds both payments and collections thereby eliminating the
need for a written check


Miscellaneous Payments - CORRECT ANSWER - non contractural venddor invoices
processed in gfebs


Prompt Payment Act (PPA - CORRECT ANSWER - statute that requires fed agencies to
pay their bills on a timely basis to pay interest penalties when payment are made late, and to take
discounts only when payments are made by the dicount date


Matching - CORRECT ANSWER - actions of comparing a vendor invoice to the other
gfebs doc for verification and authorization including the purchase order funds commitment and
goods receipt docmument


Blocked Invoice - CORRECT ANSWER - non contractual vendor invoices processed in
gfebs


Payment Program - CORRECT ANSWER - program that generats the payments identified
in the payment proposal