Your SlideShare is downloading. ×
0
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Managing Govt Contracts
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Managing Govt Contracts

1,462

Published on

QuickBooks Strategies for Govt Contractors

QuickBooks Strategies for Govt Contractors

Published in: Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,462
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
20
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 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 <ul><li>QuickBooks Considerations </li></ul><ul><li>Technology Solutions </li></ul><ul><li>DCAA Compliant Reporting </li></ul>
  • 3. <ul><li>Direct Costs = Cost of Goods Sold </li></ul><ul><li>(Specifically for a given project) </li></ul><ul><li>* Labor * Equipment </li></ul><ul><li>* Materials * Subcontractors </li></ul><ul><li>Indirect Costs = Expenses </li></ul><ul><li>(Not directly identified with a single contract) </li></ul><ul><li>Overhead </li></ul><ul><li>Fringe + Facilities + Technical </li></ul><ul><li>General & Admin </li></ul><ul><li>Finance & Admin + Sales & Marketing + Bid & Proposal </li></ul><ul><li> + Research & Develop </li></ul><ul><li>Unallowable Costs = Excluded Costs </li></ul><ul><li>(Costs excluded by Federal Acquisition </li></ul><ul><li>Regulations (FAR) when calculating </li></ul><ul><li>indirect rates) </li></ul>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. <ul><li>Templates for QuickBooks COA, Payroll Items, and Memorized Reports </li></ul><ul><li>Put QuickBooks Reporting on Steroids </li></ul><ul><li>Cost Management Reports (by Job) </li></ul><ul><li>Break-out of direct costs, overhead and G&A - based on your provisional billing rate </li></ul><ul><li>Indirect Rate Calculations </li></ul><ul><li>Overhead = Fringe + Facilities + Technical Support </li></ul><ul><li>G&A = Finance & Admin + Sales/Marketing + Bid & Proposal + R&D </li></ul><ul><li>Income Statement </li></ul><ul><li>Combines Cost Management Reports and Indirect Rate Calculations </li></ul><ul><li>Allocations Journal and Various Other Worksheets </li></ul>Results:
  • 12.  
  • 13. Indirect Cost Allocation Worksheet
  • 14. DCAA Compliant Income Statements
  • 15.  
  • 16. <ul><li>Construction Contracts (in excess of $ 2,000) that are financed by federal assistance funds, are usually required to submit WH-347 </li></ul><ul><li>(OMB No. 1215-0149) weekly, to comply with the Davis-Bacon Act </li></ul>
  • 17. <ul><li>Thank You </li></ul>Dawn Scranton, CQA 5121 Palo Verde Pl (561) 683-3497 West Palm Beach, FL 33415

×