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Managing Govt Contracts
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Managing Govt Contracts

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QuickBooks Strategies for Govt Contractors

QuickBooks Strategies for Govt Contractors

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  • 1. Government Compliant Reporting For Contractors using QuickBooks Dawn Scranton, CQA 5121 Palo Verde Pl (561) 683-3497 West Palm Beach, FL 33415
  • 2. Outline
    • QuickBooks Considerations
    • Technology Solutions
    • DCAA Compliant Reporting
  • 3.
    • Direct Costs = Cost of Goods Sold
    • (Specifically for a given project)
    • * Labor * Equipment
    • * Materials * Subcontractors
    • Indirect Costs = Expenses
    • (Not directly identified with a single contract)
    • Overhead
    • Fringe + Facilities + Technical
    • General & Admin
    • Finance & Admin + Sales & Marketing + Bid & Proposal
    • + Research & Develop
    • Unallowable Costs = Excluded Costs
    • (Costs excluded by Federal Acquisition
    • Regulations (FAR) when calculating
    • indirect rates)
    Organize Your Chart of Accounts
  • 4. “ Items” should be linked to direct expense accounts and appropriate income accounts during set-up Use “Items” to track direct job-related costs Items vs. Expenses
  • 5. Use the “Expense” tab for recording indirect costs
  • 6. Ultimately, both methods affect the same accounts, but by using “Items” you enhance the “Profit & Loss by Job” reports and other applications
  • 7. Creating “Jobs” Checks, Bills, Invoices and Credit Card will display as: Works on either the “Items” or “Expenses” tab
  • 8. Payroll Items: Educate QuickBooks for posting “indirect” or “direct” costs, by setting-up an appropriate list of “payroll items”
  • 9. www.marketplace.intuit.com
  • 10. Boxed Solutions $ 300.00 to $ 3,000 Web-based Time and attendance and Human Resource Management Solutions Create WH-347 and/or state certified payroll reports, statements of compliance and benefit reports with existing timesheet information from QuickBooks. DCAA Compliant Reporting (including indirect cost allocations) Contract Invoicing (Form 1034 & 1035) Satisfy the SBIR, DoD, Dept of Homeland Security, NASA, NSF, NIH and other governing agencies.
  • 11.
    • Templates for QuickBooks COA, Payroll Items, and Memorized Reports
    • Put QuickBooks Reporting on Steroids
    • Cost Management Reports (by Job)
    • Break-out of direct costs, overhead and G&A - based on your provisional billing rate
    • Indirect Rate Calculations
    • Overhead = Fringe + Facilities + Technical Support
    • G&A = Finance & Admin + Sales/Marketing + Bid & Proposal + R&D
    • Income Statement
    • Combines Cost Management Reports and Indirect Rate Calculations
    • Allocations Journal and Various Other Worksheets
    Results:
  • 12.  
  • 13. Indirect Cost Allocation Worksheet
  • 14. DCAA Compliant Income Statements
  • 15.  
  • 16.
    • Construction Contracts (in excess of $ 2,000) that are financed by federal assistance funds, are usually required to submit WH-347
    • (OMB No. 1215-0149) weekly, to comply with the Davis-Bacon Act
  • 17.
    • Thank You
    Dawn Scranton, CQA 5121 Palo Verde Pl (561) 683-3497 West Palm Beach, FL 33415