Final answer:
Upon discovering a discrepancy, the responsible party must initiate and provide the DD Form 362 to the Finance and Accounting Office within 75 calendar days. This procedure is essential for maintaining accurate financial accountability and resolving discrepancies in a timely manner.
Step-by-step explanation:
The DD Form 362, also known as the Statement of Charges/Cash Collection Voucher, is a form used in the Department of Defense for identifying and documenting discrepancies in inventoried goods or financial transactions. In the active Army, upon discovery of a discrepancy, the responsible party (individual or unit) has 75 calendar days to initiate and provide the DD Form 362 to the Finance and Accounting Office (FAO). This period allows for the investigation and documentation of the loss or discrepancy before formally reporting it.It is important to adhere to this time frame as failure to do so can impact financial accountability and may result in disciplinary action. The initiation of this form is the first step in the financial liability process, determining if an individual will be held financially liable for the loss. The FAO will then process the form and take any further necessary action.In conclusion, the DD Form 362 must be initiated and provided to the FAO within 75 days after the discovery of a discrepancy in the active Army. This ensures proper accounting of military property and allows for timely resolution of financial discrepancies.