All IPAC transactions, whether submitted manually or via bulk file, must be fully processed in the IPAC system before 11:59 PM (EST) on September 30, 2021 to be dated as FY21. Any transactions not fully processed until 12:00 A.M. (EST) or after on October 1, 2021 will be dated as FY22.
Bulk files, for example, could possibly take a couple of hours to process to completion so please allow sufficient processing time when submitting any IPAC transactions at year-end. We advise agencies to obtain confirmation in IPAC that the bulk file has completed successfully before the end of the accounting period cutoff.
Per the TFM for Buy/Sell transactions, Volume 1 Part 2 Chapter 4700 Appendix 8, “Treasury has established an IPAC cutoff date that requires all IPAC Buy/Sell transactions to be successfully processed no fewer than three business days before the close of each month or five business days before the close of year-end reporting.”
G-Invoicing is the long-term solution for Federal Program Agencies (FPAs) to manage their intragovernmental (IGT) Buy/Sell transactions. G‑Invoicing helps (or will help) agencies and their trading partners:
- Negotiate and accept General Terms and Conditions (GT&C) agreements
- Broker orders
- Exchange performance information
- Validate settlement requests through IPAC
FPAs must implement G-Invoicing for New Orders by October 2022. The mandated implementation deadline of October 2022 for New Orders includes Orders with a Period of Performance beginning October 1, 2022 or later.
FPAs must implement G-Invoicing for "In-Flight" Orders by October 2023. The mandated implementation deadline of October 2023 for "In-Flight" Orders includes the conversion of Orders with an open balance and a Period of Performance extending beyond September 30, 2023.
FPAs must submit quarterly implementation status updates to Treasury by providing updated plans and/or Attachment As to the IGT mailbox (IGT@fiscal.treasury.gov).
Treasury will help agencies get ready for and start using G-Invoicing. (See more on the Enrollment page.)
Benefits of G-Invoicing
Better communication between trading partners: Using G Invoicing to communicate, trading partners share a common platform and a clear record of their negotiations.
Transparency: G-Invoicing supports each phase of the IGT buy/sell lifecycle. This common repository will decrease differences between agencies.
Common data standard: G-Invoicing replaces the various terms and forms that agencies now use. Standard terms reduce misunderstandings.
Agreed-upon processes: Common processes support timely and accurate accounting.
Streamlined settlements of funds in IPAC: With performance reporting in G-Invoicing, trading partners can settle more quickly and efficiently.
Issue 7, January 2020
Issue 6, March 2019
Issue 5, October 2018
Stay Up to Date with G-Invoicing
Subscribe to e-mail notifications and get G-Invoicing news and updates delivered right to your inbox!Subscribe Now
Selecting this button generates an e-mail message with everything filled in — just send the message. You will receive a confirmation message from the list in 15 minutes – reply to the message.