CASH MANAGEMENT POLICIES AND PROCEDURES HANDBOOK

[CHAPTER 3. COLLECTIONS AND DEPOSITS]{.underline}

[Section 1.0 General]{.underline}

This chapter discusses the regulations governing the Department's
systems and procedures for making collections and deposits.

[Section 2.0 Policy]{.underline}

Organization units of the Department are to observe guidance on making
collections and deposits issued by the Office of Management and Budget
(OMB), the Department of the Treasury (Treasury), and the Government
Accountability Office (GAO). Additionally, organization units are to
carry out the following:

> a\. Achieve same day deposit of funds. Where same day deposit is not
> cost-effective or possible, next day deposit should be achieved;
>
> b\. Separate the flow of receipts from the flow of related documents
> at the earliest possible processing point;
>
> c\. Maximize the use of electronic funds transfer systems for both
> payments and collections;
>
> d\. Give due consideration to financial institutions enrolled in the
> [Treasury's Minority Bank Deposit
> Program](http://fms.treas.gov/mbdp/index.html) when establishing new
> banking relationships; and

e.  Refer debts more than 180 days past due to the [Debt Management
    Services](http://fms.treas.gov/scripts/search/redirect/?ciURL=/hrd/org/dms.html&CiUserParam1=debt management service&QryType=all&CiGroup=10&ciScopeOption=i&CiScope=/&CiFileTypeOption=i&CiFileType=&CiSort=rank&Page=1&ciTopic=Debt Management Services: Employm)
    for collection.

[Section 3.0 Authority]{.underline}

In addition to this chapter the following laws and regulations govern
organization units' collection and deposit practices:

> a\. [31 U.S.C. Sec. 3302 \-\-- Custodians of
> Money](http://www.law.cornell.edu/uscode/html/uscode31/usc_sec_31_00003302----000-.html);
>
> b\. Public Law 98-369 The Deficit Reduction Act of 1984;
>
> c\. [Treasury Financial Manual (TFM), Volume 1, Part
> 5](http://fms.treas.gov/tfm/vol5/index.html);
>
> d\. [Treasury Financial Manual (TFM), Volume 1, Part
> 6-8000](http://fms.treas.gov/tfm/vol1/v1p6c800.txt);
>
> e\. [12 U.S.C Sec 265 \-\-- Insured Banks as Depositories for Public
> Money](http://www.law.cornell.edu/uscode/12/265.html); and
>
> f\. [Debt Collections Improvement Act of
> 1996](http://fms.treas.gov/debt/dmdcia.pdf).

[Section 4.0 Collection Mechanisms/Deposit Systems]{.underline}

When cost-effective and consistent with current statutory authority,
agencies should consider mechanisms in the following order:

> a\. Pay.gov, including, Automated Clearing House (ACH)
>
> b\. Fedwire Deposit System (FDS) (deposits requiring same-day
> settlement);
>
> c\. Plastic Card Collection Network (PCCN);
>
> d\. Treasury's Automated Lockbox Network;
>
> e\. Offset Programs; and
>
> f\. Treasury's General Account.

The following section provides a narrative on these mechanisms. It also
provides a narrative on using Minority Financial Institutions and
Federal Reserve Banks for making deposits.

> .01 Automated Clearing House (Pay.gov)
>
> a\. Description
>
> ACH, the preferred method of collecting public monies in amounts less
> than \$100,000 (except for payments which **must** be made the same
> day), is the least expensive of all electronic collection systems. It
> provides the Federal Government with a timely and efficient means for
> collecting funds using electronic processing. Two types of ACH
> collection systems are available: Direct Payment /Preauthorized Debit
> (PAD) and Automated Clearing House Customer Credit process. PAD is an
> electronic funds transfer that is authorized in advance by the
> remitter. It permits a Federal agency to collect payments
> automatically on a predetermined date, by electronically withdrawing
> the amount from the remitter's bank account. This application is ideal
> for recurring collections such as loan repayments, and it may also be
> used for individual payments.
>
> The Customer Credit is an electronic funds transfer that the remitter
> initiates by requesting his or her financial institution to send the
> payments to the ACH system and apply the payments to the agency
> account. This ACH application allows the remitter to control the
> timing and the amount of the payment.
>
> b\. Operating Procedures
>
> To start the ACH method units must provide remitter with a Standard
> Form (SF) 5510, "Authorization Agreement for Preauthorized Payments."
> This form authorizes the Federal agency to debit the account of an
> individual or company. Once completed and signed, the remitter is to
> return the authorization to the agency. For PAD applications the
> agency includes the data from the SF-5510 into a PAD master file and
> transmits it to the Financial Management Service (FMS)-designated ACT
> processor at least one day before settlement. Currently the only
> ACT/PAD processors are Federal Reserve Banks and the FMS lockbox
> network.
>
> For Customer Credit applications the agency incorporates the data from
> the SF-5510 into a Customer Credit master file and transmits it to one
> of FMS's designated lockbox banks.
>
> Further information can be obtained from FMS Product Promotion
> Division on (202) 874-7018.
>
> .02 Fedwire Deposit System (FDS)
>
> a\. Description
>
> The [Fedwire Deposit System
> (FDS)](http://fms.treas.gov/scripts/search/redirect/?ciURL=/tfm/vol1/v1p5c450.html&CiUserParam1=fedwire deposit system&QryType=all&CiGroup=10&ciScopeOption=i&CiScope=/&CiFileTypeOption=i&CiFileType=&CiSort=rank&Page=1&ciTopic=TFM TRANSMITTAL LETT)
> is for individual payment and collection amounts in excess of
> \$100,000 or when there is an immediate need for receipt of funds
> acknowledgment (for payments less than \$100,000).
>
> Under FDS, remitters can instruct their banks to transfer payments
> electronically to Treasury's main account at the Federal Reserve Bank
> of New York (FRBNY). Participating organization units are to provide
> the remitter with the account symbol number and any additional
> administrative instructions to assure proper credit. On the payment
> date, a remitter instructs its financial institution to charge its
> account for the remittance amount. The value of the funds moves via
> Fedwire from the remitter's bank to Treasury's account at the FRBNY.
> The FRBNY immediately transmits detailed information on the deposit to
> federal reserve member banks used by DOC. Member banks used by DOC
> format the information and make the information available on-line to
> FMS and the program agencies via the Deposit Message Retrieval
> Subsystem (DMRS) for up to 60 days.
>
> b\. Operating Procedures
>
> 1\. Units that receive large payments, either periodic or one-time
> remittances, should consider using the [Fedwire Deposit System
> (FDS)](http://fms.treas.gov/scripts/search/redirect/?ciURL=/tfm/vol1/v1p5c450.html&CiUserParam1=fedwire deposit system&QryType=all&CiGroup=10&ciScopeOption=i&CiScope=/&CiFileTypeOption=i&CiFileType=&CiSort=rank&Page=1&ciTopic=TFM TRANSMITTAL LETT).
>
> 2\. All fund transfer activity using FDS and affecting Treasury
> accounts will be processed through FMS. No other connection to the FDS
> is authorized.
>
> 3\. Units must provide specific information to depositors so that a
> FDS transfer message can be sent to Treasury. Likewise, the depositors
> must communicate this information to the bank sending the funds
> transfer. The message format is provided in [Appendix 2 to I TFM
> 5-4500](http://fms.treas.gov/tfm/vol1/index.html). Policies and
> procedures on depositors' requests for fund transfers are determined
> by the bank sending the transfer; i.e., timing and payment.

4.  Units desiring to use FDS must obtain advance written approval from
    Treasury for each particular class or type of deposit activity
    before advising depositors to use the system. Approval is also
    required any time the average deposit volume of an approved deposit
    activity is expected to increase substantially.

> .03 Plastic Card Collection Network
>
> Credit card services are provided to Federal agencies by the
> Department of the Treasury under a Master Agreement with select
> financial institutions. See [1 TFM
> 5-4700](http://fms.treas.gov/tfm/vol1/index.html) and [Appendix C,
> "The Use of Plastic Cards for Collection," of this
> Handbook](http://www.osec.doc.gov/ofm/cash/cover.htm) for detailed
> coverage.
>
> .04 Treasury's Automated Lockbox Network

a.  Description

> The Treasury Automated Lockbox Network is comprised of designated
> financial institutions selected by FMS. These institutions, which
> provide lockbox remittance services for Federal agencies, are
> strategically located to minimize mail, processing, and collection
> float. Lockbox processing accelerates deposits to the Treasury's
> General Account at the FRBNY. When using this method, organization
> units instruct remitters to mail payments directly to a designated
> lockbox bank. The bank assigns a unique lockbox post office box number
> for each organization unit program. This process simplifies receipt
> and processing of collections. The bank transfers deposits to the
> Federal Reserve daily for credit to the unit's account(s). (See [1 TFM
> 5-4600](http://fms.treas.gov/tfm/vol1/index.html))
>
> Three types of lockbox services are available: wholesale lockbox;
> retail lockbox; and electronic lockbox. A discussion of each can be
> found in [I TFM 5-4640](http://fms.treas.gov/tfm/vol1/index.html).

b.  Operating Procedures

> Units desiring to use lockbox services should conduct a review ([I TFM
> 6-4650.20](http://fms.treas.gov/tfm/vol1/index.html)) consisting of
> current collection practices and deposit information.
>
> After the review, units will determine if a lockbox is appropriate. If
> determined to be beneficial, the unit will contact FMS. If FMS
> concurs, a lockbox bank will be selected to collect and deposit the
> unit's receipts. If a lockbox application is determined not to be
> beneficial, FMS will recommend an alternative collection mechanism.
>
> 1\. Units cannot enter into new contractual agreements, modifications
> of existing contracts, or renewal of existing contracts for agency
> collection systems without FMS approval. FMS has exclusive authority
> to contract for lockbox services with the selected bank and the unit
> ([I TFM 5-4620](http://fms.treas.gov/tfm/vol1/index.html)).
>
> 2\. FMS shall compensate the banks for specified lockbox services
> (i.e. personnel, facilities, equipment, and materials). Services that
> may be required outside the scope of those authorized by FMS will be
> contracted and paid for separately.
>
> 3\. Units are responsible for the accounting requirements of all
> transactions and funds transferred. Units are to monitor lockbox
> performance daily to ensure quality service, reconciliation of detail
> remittance data, and the timely transfer of funds. Units are to
> prepare the necessary financial statements and reports to FMS ([I TFM
> Part 2](http://fms.treas.gov/tfm/vol1/index.html)).
>
> 4\. Units shall provide FMS advance written notice (minimum of 30
> days) of any required changes to the operating process in providing
> lockbox services. Processing specification and pricing changes cannot
> be negotiated or implemented without FMS approval.
>
> 5\. Units shall direct questions about reconciling detail
> data/documents processed through the lockbox to the lockbox bank
> customer representative. Operational problems over an extended period
> should be reported to FMS.
>
> 6\. Units shall inform FMS in writing (within ten days) if the lockbox
> bank fails to perform the required services, as detailed in the
> Memorandum of Understanding (MOU).
>
> 7\. Units shall inform FMS if the bank fails to process payments
> timely and/or transmit funds, which result in a delay in the
> availability of funds to Treasury.
>
> .05 Offset Programs
>
> a\. Description
>
> Offset programs are a tool the government uses to collect outstanding
> debts by withholding potential Federal payments. The Tax Refund Offset
> program operates by withholding all or a part of an income tax refund.
> Under the Treasury Offset program, other potential Federal payments
> are withheld to effect collection of debts due the Federal government.
> Federal Salary Offset is a mechanism for collecting obligations from
> Federal Employees.

b.  Operating Procedures

> Unless otherwise prohibited by law, agencies must refer federal debts
> more than 180 days delinquent to the Debt Management Service. Using
> the Taxpayer Identification Number (TIN), delinquent debts are
> computer-matched against potential Federal payments for possible
> offset. Specific debt referral requirements and procedures are
> provided in the Department's [Credit and Debt Management Operating
> Standards and Procedures
> Handbook](http://www.osec.doc.gov/ofm/credit/cover.htm).
>
> .06 Treasury General Account (TGA)
>
> a\. Description
>
> A TGA is a bank account in a commercial bank or other financial
> institution (FI) in which an agency can deposit cash and checks. TGA
> depositories are designed to move funds efficiently from many widely
> dispersed points of initial deposit to a "concentration" account.
> Receipts are hand delivered to the bank before the bank's deposit cut
> off time. Except where specifically authorized by Treasury, units will
> not mail deposits to commercial banks. Regardless of where the
> deposits are made, units will try to limit deposit transmittals to no
> more than one each day. However, when clearly beneficial to the
> Government, units will make multiple deposits.
>
> b\. Operating Procedures
>
> Units interested in depositing collections with a TGA depositary
> should Submit a request to the FMS's Banking Management Division. When
> making such a request, units are to first consider using electronic
> fund transfer options for making deposits. Requests for general
> depositary should include the following:
>
> 1\. The name and location of the unit's current depositary;
>
> 2\. The time and manner deposits are made with the current depositary;
>
> 3\. The name and location of the proposed depositary (specifying the
> name and location of the bank branch, if applicable);
>
> 4\. The time and manner deposits will be made with the proposed
> depositary;
>
> 5\. The total dollar amount deposited monthly;
>
> 6\. The total number of checks (including Treasury checks) deposited
> monthly;
>
> 7\. The amount of cash deposited monthly;
>
> 8\. A brief justification statement, including why EFT options are not
> appropriate; and
>
> 9\. A statement why a minority bank cannot be used if the proposed
> bank is not a minority bank.
>
> Requesters with questions about TGA arrangements may contact the FMS
> Banking Management Division on (202) 874-6900.
>
> .06 Minority Bank Deposit Program
>
> a\. Description
>
> The [Minority Bank Deposit Program
> (MBDP)](http://fms.treas.gov/mbdp/index.html) promotes the development
> of minority-owned business enterprises by increasing Federal and
> private sector use of minority financial institutions. Participating
> institutions include: commercial banks and savings and loan
> associations which are minority-owned or minority-controlled; women's
> commercial banks; savings and loan associations; and limited income
> credit unions serving predominantly low income members.

b.  Operating Procedures

> Units are to establish depositary relationships with an eligible
> participant(s) if such change(s) to a minority-owned financial
> institution would be cost-effective and mutually beneficial to the
> unit and the new financial institution. Eligible participants are
> financial institutions that have certified ownership, control,
> operation, and if necessary, its board of directors conforms to
> certain requirements defined by Treasury. Such participants must
> recertify periodically with Treasury.
>
> Proximity of the minority financial institution to the depositing unit
> is the most important factor in determining whether to use minority
> depositories.
>
> If a unit determines it advantageous to use a local MBDP participant
> for its banking needs, the unit should send a request to Treasury
> prescribed by [I TFM
> 5-4000](http://fms.treas.gov/tfm/vol1/index.html). The request should
> include the information described in Section 4.05(b) of this chapter.
> When preparing a request(s) to establish or change depositary
> arrangements, units should consider using a minority financial
> institution. If a minority financial institution is not chosen, an
> explanation must be provided on the request(s). If a unit fails to
> include this information, Treasury may return the request. Additional
> guidance on depositing with a minority financial institution can be
> obtained by contacting the Financial Management Service, Department of
> the Treasury, on (202) 874-7055 or (202) 874-6590.
>
> .07 Federal Reserve Banks (FRB)

a.  Description

> FRBs serve as the fiscal agent for the U.S. Government. As such, they
> accept and process deposits from Federal agencies for credit to their
> agency location codes at the FRBNY. They provide a deposit system for
> agency-collected checks, cash, currency, and money orders. FRB's
> accept agency deposits in the same manner TGA's do. However, unlike
> the hundreds of banks in the TGA system, only 37 cities around the
> country have FRBs or branches.

b.  Operating Procedures

> Units must contact their FRBs for a CASHLINK Identification Number
> (CIN). The CIN is derived from the agency location code (ALC) and is
> used by the FRB to identify agency transactions.
>
> The mailing of deposits (versus hand carrying) to FRBs may be done
> when specifically authorized by Treasury's FMS. In these cases, the
> deposit time frame requirements apply to the timely mailing of
> deposits. When a deposit consists only of Treasury checks, units are
> authorized to mail those checks to the nearest FRB. Treasury checks
> received totaling \$5,000 and over will be deposited on the same day
> received at the nearest FRB rather than at a local commercial
> designated depositary ([I TFM
> 5-2030](http://fms.treas.gov/tfm/vol1/index.html)). Exception:
> Treasury checks received by agencies outside the United States may be
> deposited to a designated commercial depositary. Detailed guidance on
> depositing at FRBs is cited in [I TFM
> 5-2000](http://fms.treas.gov/tfm/vol1/index.html).)

[Section 5.0 Processing Deposits]{.underline}

When funds are received by the organizational unit in offices other than
the finance or accounting office, such funds will be sent to the finance
or accounting office for deposit promptly, but no later than one working
day after receipt. A program official with a question about a collection
will not delay transmission pending resolution.

> .01 Separation of Payment and Remittance Advices
>
> To expedite the flow of funds and enhance internal control, units
> receiving remittances directly (i.e., not through a lockbox) will
> separate all forms of payments received from accompanying accounting
> documents. This should be done at the initial stage of processing.
> Once this is completed, the payments will be promptly deposited.
>
> .02 Use of Amount Encoders
>
> Units normally processing over 5,000 deposit items per day will use
> amount encoders.
>
> .03 Postage, Registration, and Other Expenses
>
> Postage, registration, and other expenses incurred in mailing deposits
> may not be deducted from the amount of the deposit. Registration is
> not required for the shipment of checks.
>
> .04 Coverage of Deposits Under Government Losses in Shipment Act
>
> Deposits prepared and made in accordance with regulations prescribed
> pursuant to the Government Losses in Shipment Act, as amended (40
> U.S.C. Secs. 721-729), are covered under the Act while in the course
> of shipment. Therefore, such remittances should not be insured by the
> depositor.
>
> .05 Depositing User Charges, Reimbursements, and Refunds
>
> a\. User Charges\--fees or charges collected from sources outside the
> Federal Government for goods or services. The price includes both the
> cost to the agency and any profit. Unless otherwise provided by law,
> all monies received must be deposited to the Treasury as General Fund
> receipts. Generally, agencies cannot retain receipts.
>
> b\. Reimbursements\--payments from the public or from other Government
> accounts, received by the Government for goods sold or services
> rendered. Such payments are legally authorized for credit directly to
> specific appropriation and fund accounts. The amounts are deducted
> from the total obligations incurred (and outlays) in determining net
> obligations (and outlays) for such accounts.
>
> c\. Refunds\--returns of advances, collections for overpayments made,
> adjustments for previous amounts disbursed, or recovery of erroneous
> disbursements from appropriation or fund accounts that are directly
> related to, and reductions of, previously recorded payments from the
> accounts. Refunds are to be deposited to appropriation accounts.

[Section 6.0 Frequency of Deposits]{.underline}

The deposit of all funds received for credit to the account of the U.S.
Treasury should be made without delay. Depositors should limit their
transmittals of deposits to one per day. Depositors may need to set an
internal "cut-off" time when preparing deposits, and deposit on the
following day all receipts processed after that time. To ensure that the
maximum amount of funds is deposited each day, the depositor will
establish a processing schedule to allow the deposits to reach the
depositary before the depositary's daily "cut-off" time.

> .01 Receipts \$5,000 or More
>
> Receipts of \$5,000 or more will be deposited daily before the
> depositary "cut-off" time. Funds received too late to meet the
> depositary's "cut-off" time must be deposited the next business day.
> Daily aggregate deposits (excluding Treasury check deposits) of \$50
> million or more will be reported to Treasury on the day of the
> deposit. Finance officers are to include the name of the organization
> unit, the deposit amount, and the name and location of the depositary
> to Treasury's Financial Management Service Funds Control Branch via
> telephone (202)874-9790 or Fax (202)874-9945.
>
> .02 Receipts Less than \$5,000
>
> Receipts of less than \$5,000 may be accumulated and deposited when
> the total reaches \$5,000. However, deposits will be made by Thursday
> of each week regardless of the amount. In addition, collections shall
> be deposited according to Treasury procedures. Collections, which
> cannot be identified for credit to the proper account upon receipt,
> shall be deposited to the Department's deposit fund suspense account
> until identification is made.
>
> .03 Discretion over Deposits
>
> Receipts of less than \$5,000 may be deposited if:
>
> a\. Facilities lack adequate safeguards against loss or theft; and
>
> b\. Daily deposits are cost beneficial.

[Section 7.0 Internal Controls over Collections]{.underline}

All officers and employees of the Federal Government who officially
receive funds for the

United States, shall keep proper records, provide adequate physical
control over such funds, and place the collections under accounting
control promptly after receipt. This includes donated, quasi-public, and
unearned monies. Designated accountable officers shall account for all
receipts and deposits.

> .01 Basic Controls
>
> Segregation of duties prevents the misuse of cash receipts and
> concealment of fraud in the accounting records. Special accounting
> controls are essential when sales or operating persons handle cash
> receipts. Persons responsible for handling cash receipts should not
> participate in the accounting or operating functions relating to the
> following activities:
>
> a\. Shipping goods and billing for goods and services;
>
> b\. Controlling accounts receivable and subsidiary ledgers;
>
> c\. Preparing and mailing statements of balances due;
>
> d\. Authorizing and approving credits for returns, and allowances or
> adjustments of amounts due; or
>
> e\. Reconciling bank or Treasury reports with accounting records.
>
> Official collections shall not be commingled with personal funds or
> used for cashing checks or money orders. (See Section 6.0 of this
> Chapter for details on the frequency of making deposits.)
>
> .02 Maintenance of Records
>
> Units shall maintain records for sufficiently identifying collections
> if requested. Control records shall disclose:
>
> a\. Undeposited collections;
>
> b\. Unacknowledged deposits in transit (to the depositary); and
>
> c\. Deposits acknowledged by the depositary.
>
> Proper control and accounting records shall be kept for checks and
> money orders received. When any unit makes or receives collections for
> another agency, the unit shall identify the collections in control
> records sufficiently to permit complete identification. Also, controls
> must ensure that contractors collecting funds for the Department
> maintain proper records and provide adequate physical control over
> such funds.
>
> .03 Inscription and Endorsements
>
> Units shall, where possible, instruct payers to make checks and other
> negotiable instruments payable to the specific organization or
> organization unit maintaining the accounts to be credited. These
> instruments should generally not be made payable to the Treasury.
> However, any remittance payable to the Treasury should be accepted and
> processed. Units should never instruct payers to make checks, money
> orders, or other instruments payable to individual officers or
> employees. In addition, units are to follow endorsement regulations in
> the Treasury Financial Manual ([I TFM
> 5-2000](http://fms.treas.gov/tfm/vol1/index.html)).
>
> .04 Documentation
>
> Collections credited to appropriation and fund accounts must be proper
> and authorized by law or appropriate regulations. Units must produce
> references to such authorizations if requested by the Government
> Accountability Office. Collection records for refunds and
> reimbursements will include descriptions sufficient for identifying
> the source of, or reason for, the collection.

[Section 8.0 Crediting Collections]{.underline}

Generally, collections from sources outside the Federal Government
received for the United States shall be remitted into the Treasury as
general fund receipts. Such funds can be withdrawn only in consequence
of appropriations made by law (Art. 1, sec. 9, cl. 7 of the
Constitution). However, collections from external sources can be
credited to appropriation accounts if specifically authorized by law.

[Section 9.0 Classification: Reimbursements and Refunds]{.underline}

Collections credited to appropriation and fund accounts fall within two
general classifications: reimbursements and refunds. (See Section 5.05
of this Chapter for a discussion of reimbursements and refunds.)

[Section 10.0 Unidentified Remittances]{.underline}

Unidentified remittances presumed to be credited ultimately to a
receipt, appropriation (expenditure), or fund account within the budget
will be credited to a receipt clearing account. Otherwise, the
remittances will be credited to a deposit fund suspense account outside
the budget. If remittances are later identified to accounts within the
budget, the amounts should be transferred to the proper account.
Transfer documents must show the purpose for which the remittances were
received. Reclassification will be made by journal voucher within an
accounting station when corrections or adjustments are expenditure
transactions between appropriation, fund, or receipt accounts. If the
adjustment involves separate ALCs, accomplishment should be by IPAC;
i.e., transfer between ALCs.

When an amount (or portion) due has been received but misclassified to
the wrong account, clearance should be made by an expenditure transfer
to the correct receipt account. When a receipt of all or a portion of an
amount is received to which an agency is not entitled, (i.e., duplicate
billing), and the receipt was credited to an agency's appropriation, the
refund should come from that appropriation. If the receipt has been
deposited as a miscellaneous receipt, (which cannot be received without
an appropriation), the refund must be charged to account symbol 20X1807,
"Refund of Monies Erroneously Received and Covered." Such action is
specified in [31 U.S.C. Sec. 1322(b)
(2](http://www.law.cornell.edu/uscode/html/uscode31/usc_sec_31_00001322----000-.html)).

[Section 11.0 Anticipated Collections]{.underline}

Units shall record all anticipated collections in their account. When
anticipated collections have matured into valid receivables or become
valid obligations of the paying agency as defined in [31 U.S.C. Sec.
1501](http://www.law.cornell.edu/uscode/html/uscode31/usc_sec_31_00001501----000-.html),
they shall be credited to the appropriate accounts.