What are the basic characteristics of the centralized treasury payment system?

Unified establishment of a single treasury account, each unit does not set up other bank accounts. All fiscal revenues are directly paid into the state treasury without going through other intermediate links.

All departments and units decide what kind of goods and services to buy according to their own needs and within the scope determined by the budget. However, the payment process is handled by the state treasury, and all financial expenditures are paid by the state treasury to the providers of goods and services. The Ministry of Finance has set up a special treasury cash management and payment execution agency.

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A centralized treasury payment system has been established, and the mode of financial expenditure has been reformed. According to the different payment subjects, direct financial payment and authorized financial payment are implemented respectively. The expenditures directly paid by finance include wage expenditures, purchase expenditure and transfer expenditure; The implementation of financial authorization payment includes procurement expenditure and sporadic expenditure without direct financial payment.

The establishment of centralized treasury collection and payment system will basically not change the current procedures for fund application and disbursement, the authority for the use of funds by budget units, accounting and financial management responsibilities, but it will cause changes in the accounting and financial management mode of budget units, which will certainly have a certain impact on the institutional setup and responsibilities of units, especially the financial department.

Baidu Encyclopedia-Treasury Centralized Payment System