Deltek Insight 2012: Contractor Timesheet Options with Costpoint and Time & Expense
Upcoming SlideShare
Loading in...5
×
 

Deltek Insight 2012: Contractor Timesheet Options with Costpoint and Time & Expense

on

  • 1,115 views

Want to have your subcontract labor force fill out timesheets using Time Collection but not sure how to do it? There are multiple ways in Costpoint to process subcontractor labor. This session will ...

Want to have your subcontract labor force fill out timesheets using Time Collection but not sure how to do it? There are multiple ways in Costpoint to process subcontractor labor. This session will focus on the most commonly used methods for capturing and processing contractor timesheets within Costpoint and in Time Collection 8. Intermediate Level.

Statistics

Views

Total Views
1,115
Views on SlideShare
1,115
Embed Views
0

Actions

Likes
0
Downloads
9
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Deltek Insight 2012: Contractor Timesheet Options with Costpoint and Time & Expense Deltek Insight 2012: Contractor Timesheet Options with Costpoint and Time & Expense Presentation Transcript

    • Contractor Timesheet Optionswith Costpoint andTime & ExpenseArt Shearon, Technology Consulting Manager,McGladrey LLPGC-84
    • AgendaOverview of McGladreyWhat is a contractor and why do contractor timesheets?Summary of most common processing optionsSelection criteria and overall setup stepsTimesheet period, Leave period and Employee setupDetail of each of the most common processing optionsSummary of considerations for processing optionsQuestions2 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • McGladrey Overview5th largest accounting and consulting firm in the USHeavily focused on Government Contractors (GC) :Implementation Services for GCs:  Deltek Costpoint (CP), Deltek GCS Premier (GCS), Deltek Time and Expense (T&E)  Deltek PartnerRisk Management & Internal Controls  Review of Current Policies and Procedures for FAR Compliance  Implementation of Sarbanes Oxley Act (SOX) compliance programs applied to contractor requirements for adequate internal controlsGovernment Contracting Consulting Services:  Indirect Rates/Cost/Business Volume preparation  Litigation support relating to cost realism and allowable costTax & Audit Services3 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Key Take Away ItemsAfter this session, you should be able to:  Decide on the proper approach for your company to handle contractor (vendor) timesheets  Setup the necessary screens within T&E and Costpoint to implement the appropriate processing option  After implementation, be able to validate or adjust contractor (vendor) invoices for work performed by contractor employees.  Minimize time spent with manual activities processing the vendor invoices4 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Common QuestionsWhat is a Contractor?  Not an employee.  May be an independent contractor or an employee of a vendor.  As appropriate, gets a 1099, not a W-2.Why have contractors do timesheets?  Want to verify the vendor’s invoice amount and hours  Want to accrue contractor labor cost based on timesheets  Want to recognize actual contractor labor cost as soon as allowedCan CP, T&E and GCS handle contractor timesheets?  Yes, but the processing options are not a simple, built-in feature  Several processing options are available  Processing option depends on accounting environment, system environment, Federal Government Contracting Officer and your objectives5 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Processing Options1) Keep track of contractor time without posting labor cost2) Keep track of contractor time and post labor cost with Accrued Wages account adjustment via GL Journal Entry adjustment3) Keep track of contractor time and post labor cost with Accrued Wages account adjustment via Labor Settings4) Keep track of contractor time and post labor cost with Accrued Contractor account adjustment via a T&E SQL Stored Procedure5) Keep track of contractor time and post labor cost with Accrued Contractor account adjustment via a Costpoint SQL Script6) Keep track of contractor time and post labor cost with Accrued Contractor account adjustment via a Costpoint Allowance7) Keep track of contractor time & process the hours/labor cost to AP as Voucher via custom software & AP Preprocessor6 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Processing Options (cont.)Selection depends on accounting environment and objectivesSelection may entail one or more of the options depending oncircumstancesIs no right or wrong way of doing this (as long as all steps arefollowed)Presentation notes problems with certain optionsSeveral setup steps are needed to enable each optionSome steps are common to most options, setup:  Separate timesheet and leave periods  Contractor employees  Vendors  Vendor employees (if AP Preprocessor functionality)  TS/AP default information7 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Setup Separate Timesheet Cycle8 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Setup Separate Leave Cycle9 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Setup Subcontractor Employees10 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 1Option 1 –Keep track of contractor time without posting labor cost  Contractor employee may be assigned an hourly rate equal to the amount to be paid to the vendor  Contractor employees enter hours worked using T&E  Contractor employees enter into a separate Timesheet (TS) Cycle  T&E Timesheets may be exported to Costpoint (or not)  Timesheets in Costpoint are not posted for Labor Distribution  Timesheets are used to reconcile to vendor invoices  Problem: Costpoint Timesheets might get posted by mistake.  Problem: Un-posted Timesheets in Costpoint will prevent GL Accounting Period Closing. TSs will need to be deleted or marked as posted.11 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 2Option 2 –Keep track of contractor time and post labor cost with AccruedWages account adjustment via GL Journal Entry adjustment  Contractor employee are assigned an hourly rate equal to the amount to be paid to the vendor  Contractor employees enter hours worked using T&E  Contractor employees enter into a separate Timesheet (TS) Cycle  T&E Timesheets are exporteded to Costpoint  Timesheets in Costpoint are posted for Labor Distribution  JE is made to move the posting amounts from the Accrued Salaries account to the Accrued Contractor Payable account at the Org Balance Sheet level – TS Edit report may be used to determine the JE.  Problem: offset is to Accrued Wages (used for employee posting)12 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 3Option 3 –Keep track of contractor time and post Labor cost with Accrued Salariesaccount adjustment via Labor Settings  Contractor employee are assigned an hourly rate equal to the amount to be paid to the vendor  Contractor employees enter hours worked using T&E  Contractor employees enter into a separate Timesheet (TS) Cycle  T&E Timesheets are processed to Costpoint  Timesheets in Costpoint are posted for Labor Distribution  However, immediately before posting change the Accrued Salaries account to the Accrued Contractor Payable account in the Labor Settings screen  Post the timesheets (offset is to the proper account)  Change the Accrued Salaries account back to the Accrued Salaries account in the Labor Settings screen  Problem: forget to change the account before or after13 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 3 (cont.)14 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 4Option 4 –Keep track of contractor time and post labor cost with AccruedContractor account adjustment via a T&E SQL StoredProcedure  Custom Software Program (SQL Script)  Program is executed in Costpoint after TSs are imported from T&E  Program sums all the timesheet line hours for the appropriate TS cycle  Program adds one additional timesheet line with negative hours for the total hours on the timesheet  Additional line references the Accrued Contractor Payable account  The total net hours on the timesheet is zero after procedure.  Additional SQL script is needed to delete added line for re-processing  Problem: Requires custom stored procedure routine (software)15 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 5Option 5 –Keep track of contractor time and post labor cost with AccruedContractor account adjustment via a Costpoint SQL Script  Custom Software Program (SQL Script)  Program is executed in Costpoint after TSs are imported from T&E  Program sums all the timesheet line hours for the appropriate TS cycle  Program adds one additional timesheet line with negative hours for the total hours on the timesheet  Additional line references the Accrued Contractor Payable account  The total net hours on the timesheet is zero after procedure.  Additional SQL script is needed to delete added line for re- processing  Problem: Costpoint has different timesheet data from T&E16 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 6Option 6 –Keep track of contractor time and post labor cost with AccruedContractor account adjustment via a Costpoint Allowance  Allowance is a standard feature of Costpoint  Normally used to add additional labor costs items to CP timesheets  Program sums all the timesheet line hours for the appropriate TS cycle in accordance with parameters  Several setup screens involved  Allowance has to be assigned to each contractor employee  Problem: process has to be run before posting labor (no forgiveness)17 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 6 (cont.)18 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 6 (cont.)19 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 6 (cont.)20 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Option 7Option 7 –Keep track of contractor time and process the hours/labor cost to APas an AP Voucher via custom software & AP Preprocessor  AP Preprocessor is an optional additional cost module of CP (and GCS)  Normally used to create AP Vouchers from an outside system  Program loads a Voucher Header, Line and Line Account records  Several setup screens involved, including Vendors & Vendor Employees  Vendor Workforce and defaults may need to be setup, if needed  Posting happens when the AP Vouchers are posted.  Problem: requires a custom program to stage the data in the format that the AP Preprocessor needs it in from the source system  Problem: edits happen at time of import – may have to go back to source system to fix inaccurate data21 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • ConclusionMany options availableSelection depends on environmentAmount of money to spend on a solutionNumber of Timesheet CyclesNumber of contractorsOkay to bill Government for contractors before paying vendorAbility of staff to perform necessary stepsCurrent Time Collection systemCheck Out Version 9 of T&E and Costpoint 722 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Q&A23 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Learn More…Interested in McGladrey Services, email me atArt.Shearon@mcgladrey.comIf you are interested in providing feedback and requirementsfor upcoming productized version, email me atphilipparry@deltek.com24 CONFIDENTIAL ©2012 Deltek, Inc. All Rights Reserved
    • Thank You!