G-invoicing is a solution to address accounting and reporting challenges around buy/sell transactions by providing a common platform for inter-governmental transactions (IGT). This governmentwide initiative is managed by the U.S. Department of Treasury.
The adoption of government invoicing, otherwise known as G-Invoicing, is required by all federal agencies by October 1, 2022.
- create and store interagency agreements
- create orders
- track performance against orders
- transfer funds
G-invoicing is a means to improve the quality of IGT buy/sell data supporting more accurate financial management by federal trading partners, although it’s not an accounting system.
Managed by the Bureau of the Fiscal Service, the solution is in keeping with regulations 31 U.S.C. 3512(b) and 3513 of the U.S. Code which outline federal financial management responsibilities, including effective accounting and reporting.
Federal Intragovernmental Data Standards and defined data elements helped build the G-invoicing system which, in turn, may help agencies build software interfaces.
Pegasys, the financial system built for GSA by CGI, will incorporate all required data elements and a scheduled upgrade is anticipated for spring 2021.