The document provides information on public vouchers, including contractor and DCAA responsibilities. It discusses adequate billing systems, preparation of vouchers, iRAPT/WAWF electronic submission, common deficiencies, and frequently asked questions. The DCAA is responsible for reviewing vouchers for compliance with contract terms and approving interim vouchers selected using sampling. Contractors must maintain adequate support and submit vouchers properly prepared with accurate rates in a timely manner through iRAPT/WAWF.
This document discusses best practices for managing payments to subcontractors in order to minimize financial risk. It recommends establishing thorough corporate payment protocols, carefully reviewing project-specific requirements, evaluating payment applications based on field observations, being aware of warning signs of subcontractor distress, and encouraging communication across departments. Developing and adhering to standardized, consistent processes can help ensure timely, fair payments while protecting the company's interests and preventing costly defaults.
CounterBooks is an online retail accounting system created by an accounting firm for retailers. It provides benefits like reduced costs, improved accuracy, and real-time reporting available anywhere. The document highlights key features for single sites and franchises including daily reconciliation, transactions, payments, bank transfers, reports and a data analysis tool for head offices.
Please join Amy Hernandez, CPA, JD, Principal at Strategic FAR Advisors, LLC, as she provides invaluable insight on navigating the DCAA waters.
On this webinar you will hear the topics below:
1. Trends in DCAA audits
2. Why certain audits are performed
3. Discussion on the top three audits types
Pre-Award to include the Accounting System audit
Forward Pricing
Incurred Cost
4. How to approach an audit should you have one upcoming
5. How Unanet helps companies by providing a compliant purpose-built Project ERP solution
Insights 2015 - Accounting Update for Everybody - Chris RouseWindham Brannon
The document summarizes an accounting update presentation given by Chris Rouse of Windham Brannon, PC. It discusses recent standards issued by the Financial Accounting Standards Board, including standards on business combinations, inventory measurement, debt issuance costs, and consolidation. It also provides an overview of the current status of convergence between US GAAP and IFRS standards.
Original air date: March 27, 2018
Recording available at http://www.mhmcpa.com
This quarterly webinar will bring you up-to-date on hot topics, technical matters and current events impacting financial reporting and the accounting profession.
Professionals from CBIZ and MHM will discuss recent happenings at the Financial Accounting Standards Board, American Institute of Certified Public Accountants, Securities and Exchange Commission, Public Company Accounting Oversight Board and other relevant governance bodies. We will also touch on recent tax changes and proposed legislation.
This document provides an overview of the billing process and configuration in 3 steps:
1. Basic configuration includes setting up 14 master records like Company, Bank, Tax, etc. and authorizing roles for invoice approval.
2. Project configuration involves setting the person responsible for invoices and IR settings for each project.
3. The billing process uses this configuration for raising invoice requests, approving requests, generating invoices, and tracking payments. Key steps include adding items to an IR, filling checklists, submitting for approval, and generating final invoices.
- The document provides financial results for the fourth quarter of 2014 and strategic priorities and guidance for 2015 for a company.
- Key highlights from 2014 include postpaid subscriber growth, improved billing systems, and launching popular devices. Strategic priorities for 2015 include driving further subscriber and revenue growth while reducing costs.
- Financial guidance for 2015 estimates total operating revenues between $4.0-4.2 billion and adjusted EBITDA between $530-630 million.
10 internal audit manual for construction companiessunilmall99
The internal audit has three main objectives:
1. To assist project management with timely financial information to enable corrective action
2. To carry out the audit in accordance with Indian auditing standards
3. To cover all sources and uses of funds for the entire project, including all contracts
The audit will include producing project financial statements and assessing the financial management system, funds flow, compliance with agreements, and transaction records. Specific areas of coverage include transaction verification, asset management, and ensuring expenditures are eligible.
This document discusses best practices for managing payments to subcontractors in order to minimize financial risk. It recommends establishing thorough corporate payment protocols, carefully reviewing project-specific requirements, evaluating payment applications based on field observations, being aware of warning signs of subcontractor distress, and encouraging communication across departments. Developing and adhering to standardized, consistent processes can help ensure timely, fair payments while protecting the company's interests and preventing costly defaults.
CounterBooks is an online retail accounting system created by an accounting firm for retailers. It provides benefits like reduced costs, improved accuracy, and real-time reporting available anywhere. The document highlights key features for single sites and franchises including daily reconciliation, transactions, payments, bank transfers, reports and a data analysis tool for head offices.
Please join Amy Hernandez, CPA, JD, Principal at Strategic FAR Advisors, LLC, as she provides invaluable insight on navigating the DCAA waters.
On this webinar you will hear the topics below:
1. Trends in DCAA audits
2. Why certain audits are performed
3. Discussion on the top three audits types
Pre-Award to include the Accounting System audit
Forward Pricing
Incurred Cost
4. How to approach an audit should you have one upcoming
5. How Unanet helps companies by providing a compliant purpose-built Project ERP solution
Insights 2015 - Accounting Update for Everybody - Chris RouseWindham Brannon
The document summarizes an accounting update presentation given by Chris Rouse of Windham Brannon, PC. It discusses recent standards issued by the Financial Accounting Standards Board, including standards on business combinations, inventory measurement, debt issuance costs, and consolidation. It also provides an overview of the current status of convergence between US GAAP and IFRS standards.
Original air date: March 27, 2018
Recording available at http://www.mhmcpa.com
This quarterly webinar will bring you up-to-date on hot topics, technical matters and current events impacting financial reporting and the accounting profession.
Professionals from CBIZ and MHM will discuss recent happenings at the Financial Accounting Standards Board, American Institute of Certified Public Accountants, Securities and Exchange Commission, Public Company Accounting Oversight Board and other relevant governance bodies. We will also touch on recent tax changes and proposed legislation.
This document provides an overview of the billing process and configuration in 3 steps:
1. Basic configuration includes setting up 14 master records like Company, Bank, Tax, etc. and authorizing roles for invoice approval.
2. Project configuration involves setting the person responsible for invoices and IR settings for each project.
3. The billing process uses this configuration for raising invoice requests, approving requests, generating invoices, and tracking payments. Key steps include adding items to an IR, filling checklists, submitting for approval, and generating final invoices.
- The document provides financial results for the fourth quarter of 2014 and strategic priorities and guidance for 2015 for a company.
- Key highlights from 2014 include postpaid subscriber growth, improved billing systems, and launching popular devices. Strategic priorities for 2015 include driving further subscriber and revenue growth while reducing costs.
- Financial guidance for 2015 estimates total operating revenues between $4.0-4.2 billion and adjusted EBITDA between $530-630 million.
10 internal audit manual for construction companiessunilmall99
The internal audit has three main objectives:
1. To assist project management with timely financial information to enable corrective action
2. To carry out the audit in accordance with Indian auditing standards
3. To cover all sources and uses of funds for the entire project, including all contracts
The audit will include producing project financial statements and assessing the financial management system, funds flow, compliance with agreements, and transaction records. Specific areas of coverage include transaction verification, asset management, and ensuring expenditures are eligible.
1. Grants received for capital expenditure are initially treated as capital reserve and adjusted as income proportionate to depreciation. Grants for government-owned assets are adjusted to asset costs.
2. Fixed assets are recorded at historical cost. Intangible assets at acquisition cost. Expenditure on non-owned assets is reflected in capital work-in-progress till completion then fixed assets.
3. Capital work-in-progress includes supply contract supplies and incidental construction expenses allocated proportionate to annual capital expenditure. Deposit works and cost-plus contracts use contractor statements.
The document describes a tenant and property management software called SAIENT. It provides the following key features:
- Easy navigation of properties and units with single click access to tenant, contract, and payment information.
- Tools to track rent payments, expenses, maintenance issues and resolve problems before they escalate.
- Automated workflows for tasks like lease renewals, payment processing and accounting to streamline operations.
- Comprehensive reporting on finances, unit occupancy and performance to inform business decisions.
Aptitude Software discuss trends and challenges as telcos in Europe move closer to compliance with IFRS 15 regulations. The accompanying webinar is available on request from patrick.youngs@aptitudesoftware.com
The document summarizes key changes in the final FATCA regulations that impact insurance companies. Four changes stand out: 1) A new de minimis rule excludes insurance contracts with cash values under $50,000 from being considered financial accounts; 2) Insurance definitions were simplified; 3) Changes to the definition of cash value insurance contracts add exemptions to reduce contracts treated as financial accounts; 4) Insurance companies paying death benefits are no longer required to obtain beneficiary documentation unless they know the beneficiary is a US person. These changes reduce the number of insurance products and customers impacted by FATCA requirements.
Encoursa Webinar: Obtaining an Adequate ("Approved") Accounting SystemRobert E Jones
Robert Jones from Left Brain Professionals gave a presentation on obtaining an adequate ("approved") accounting system for government contractors. He discussed the need for an adequate system when dealing with cost-reimbursable contracts. He then listed the 15 criteria that an accounting system must meet to be considered adequate, including complying with GAAP, properly segregating costs, maintaining a timekeeping system, and providing financial data as required by contracts. Finally, he explained best practices like documenting policies and procedures, following those policies, and keeping evidence to pass a DCAA audit or survey of the system.
Imposition of Penal Interest u/s 220(2) by TRACES - How to avoid it ?Akash Mahagaonkar V
We are quite aware of the fact that each of us have been receiving quite a lot of communications from TRACES [ the TDS Processing Cell ] on Justification reports, Intimations, Demands, etc. Many of us have also been receiving Hard-Copy Letters to this effect from TRACES.
One may sometimes wonder why such a huge amount of flow of Information ! It does make us a lot uncomfortable & we would want it to be sorted out as soon as possible.
One such email TRACES sent out on 21st of February talks about imposition of Penal Interest u/s 220(2) if actions are not taken by the Deductors ( Employers / Companies / We ).
This PPT is a recording of the webinar conducted by Relativity Management Solutions to talk in detail about the various issues deductors are facing & solutions to it.
Govology Webinar: GovCon Accounting Policies & ProceduresRobert E Jones
One of the fundamental requirements of an accounting system is documented policies and procedures which are used in establishing and maintaining an organizations internal controls, accounting and reporting. The policies and procedures should capture how things are done, serving as an important tool for clarifying roles, responsibilities and ensuring accurate financial data is used for decision making. This webinar will focus on the purpose of having written (well-documented) policies and processes that serve as a basic framework and the importance of these procedures being consistently executed by all users of the system to promote operational efficiency and governance.
This document outlines an agenda for Government Purchase Card Training presented by the Mission and Installation Contracting Command at Fort Benning. The training will cover GPC policies, cardholder and billing official responsibilities, purchase limits, documentation requirements, and prohibited purchases. It provides contact information for the Agency Program Coordinator and U.S. Bank and lists prerequisite training requirements for cardholders and billing officials. The purpose is to ensure proper use of the purchase card in accordance with regulations.
Government contractors are under more scrutiny by the DCAA to effectively manage their contracts and stay compliant in a very competitive environment. The challenge for government contractors is adhering to the DCAA regulatory environment while maintaining profitability on your contracts. Understanding the regulatory environment is critical to running profitable contracts that comply with the changing landscape of the DCAA, FAR and CAS regulations. Accounting for key details of a project or contract, including measuring the degree of project completion, remains a huge challenge for government contractors. Join the Raffa Technology team for an update on the regulatory landscape and the best practices for keeping your organization DCAA compliant.
We work with companies to reduce their cash flow risk and automate the monthly draw process.
*Transparency into where your money is going
*Simplifies compliance management and payment holds
*Proactive and automated lien waiver collection tied directly to payment
*Provides real-time reports across project portfolio financing AP/AR, liens and cash flow risk.
Please join Amy Hernandez, CPA, JD, Principal at Strategic FAR Advisors, LLC, as she provides invaluable insight on navigating the DCAA waters.
On this webinar you will hear the topics below:
1. Trends in DCAA audits
2. Why certain audits are performed
3. Discussion on the top three audits types
Pre-Award to include the Accounting System audit
Forward Pricing
Incurred Cost
4. How to approach an audit should you have one upcoming
5. How Unanet helps companies by providing a compliant purpose-built Project ERP solution
Please join Amy Hernandez, CPA, JD, Principal at Strategic FAR Advisors, LLC, as she provides invaluable insight on navigating the DCAA waters.
On this webinar you will hear the topics below:
1. Trends in DCAA audits
2. Why certain audits are performed
3. Discussion on the top three audits types
Pre-Award to include the Accounting System audit
Forward Pricing
Incurred Cost
4. How to approach an audit should you have one upcoming
5. How Unanet helps companies by providing a compliant purpose-built Project ERP solution
Learn more at: https://www.unanet.com/news/demand-webinars
Improve Your Outcomes on Cost Type ContractsUnanet
Join Unanet and Aronson LLC for an educational webinar as we look at the complex world of cost type government contracts.
Many government service contractors successfully enter the government market with relatively straightforward T&M (Labor Hour) contracts. Eventually, an opportunity to bid and perform larger and more complex cost reimbursement contracts will present itself. The skills required to manage T&M contracts differ markedly from the skills required to manage a cost type contract. While the statements of work may be very similar, the administrative requirements associated with managing a cost type contract greatly exceed those required for T&M work.
Managing cost type contracts is a sophisticated undertaking. The contractor must understand what a “cost” is, have an adequate accounting system, establish both direct and indirect budgets (and actively manage them), and with actual (not billing) rates.
Failure to comply with these requirements can have serious ramifications, including incurring a loss, a poor cash flow, inaccurate cost reporting and an inadequate accounting system, An understanding of your obligations is essential to mitigating your risks, maximizing your cost recovery and maintaining your bottom line — essentially the difference between recovering your costs making a profit or losing your shirt.
Learning Objectives:
• What an "adequate" accounting system must include
• Which costs can — and can't — be reimbursed
• How direct costs are reimbursed
• How indirect costs are reimbursed
• How to handle invoicing on cost-type contracts
• The "Paid-to Cost" rule
• The limitation of Cost-and-Funds clauses
• How to facilitate a cost type contract in an accounting system
In this webinar you will learn to improve your outcomes on cost type contracts.
Learn more at: https://www.unanet.com/news/demand-webinars
Dynamic Changes Occurring: OMB's Uniform Grant GuidanceStreamLinkSoftware
At this year’s National Association of State Auditors, Comptrollers and Treasurers (NASACT) Annual Conference in Chicago, Illinois, StreamLink Software CEO, Adam Roth, and partner at accounting firm Plante Moran, Michelle Watterworth, presented on UGG’s impact on grant administration and audits.
Presentation covers QBCC Compliance audits / QBCC Minimum Financial Requirements for licensees and how accountants can assist including:
Notice of reasons for proposed suspensions of licence;
Notice of reasons for proposed cancellations of licence;
Consequences of suspensions and cancellations of licence on the builder/client;
Methods for recovering money in uncertain times; and
Key upcoming changes to the QBCC licencing regime.
The document summarizes the agenda and key topics for the Cardinal Project Wave 1 Change Network Meeting #6 on October 22, 2014. The agenda includes a project update, system reminders about the online accounts receivable process, workflow reassignment, employee expenses, security tips, voucher tips, and monitoring pending transactions. It also lists recent and upcoming communications. The meeting aims to provide guidance and reminders on using the new Cardinal financial system for the Commonwealth of Virginia.
The document provides an overview of key aspects of submitting an adequate incurred cost proposal (ICP). It discusses who needs to submit an ICP, what attributes make an ICP adequate, and consequences of inaccurate or late submissions. The presentation covers required schedules and information for an ICP, such as direct and indirect costs by contract, subcontractor information, and cumulative costs claimed and billed. It emphasizes starting preparation early, using the ICE model and DCAA checklist, and thoroughly reviewing all schedules.
This document provides a summary of a presentation on Form 5500 requirements and updates. It discusses when audited financial statements are required, the small pension plan audit waiver requirements, reporting service provider fees on Schedule C, filing deadlines and status checks, and other Form 5500 topics. Key points covered include the small pension plan audit waiver conditions, reporting direct and indirect compensation on Schedule C, checking the status of filings, and common Schedule H attachments.
The document provides an overview of IFRS 15 Revenue from Contracts with Customers and IAS 2 Inventories. It begins with introducing the background issues around revenue recognition and measurement of inventories. Then it discusses IFRS 15 in more detail, outlining its objective and scope, key definitions, and the five-step model for recognizing revenue. The five-step model includes identifying the contract, performance obligations, transaction price, allocating the price to obligations, and recognizing revenue. An example is provided to illustrate identifying performance obligations. In summary, the document explains the standards around revenue and inventories and how IFRS 15 established principles for revenue recognition.
12 CRITICAL SLIDES Title slide your company’s name, a sho.docxhyacinthshackley2629
12 CRITICAL SLIDES
Title slide: your company’s name, a short company description, name of presenter(s) if presenting in person.
Your elevator pitch: a succinct description of your products or services, market, and competitive advantages. Use
vibrant language, and if possible, embed audio or video to demonstrate your product or service.
Page 1 of 5
6/4/2015https://strayer.vitalsource.com/books/9781933895475/print?from=343&to=348&skip_deskt...
Size of opportunity: this is what investors — VCs even more so than angels — want to know. To what size can
your company potentially grow and what are your plans for future development?
Your specific target customers: who they are and the customer needs that your product or service will meet.
The market size: numbers and dollars, past growth, growth forecasts.
Page 2 of 5
6/4/2015https://strayer.vitalsource.com/books/9781933895475/print?from=343&to=348&skip_deskt...
The competition: division of market share, how your product compares to theirs, your value proposition in
comparison to the competition’s, and barriers to entry.
Your team: who they are, their past successes and experience, and why they are qualified to do the job.
The business model: how you will distribute your product, pricing strategies, how you will reach your customers.
Page 3 of 5
6/4/2015https://strayer.vitalsource.com/books/9781933895475/print?from=343&to=348&skip_deskt...
Milestones: a time line that outlines when you expect to reach key achievements.
Financials: a brief summary of key points from your income statement, balance sheet, and/or cash flow
projections.
Page 4 of 5
6/4/2015https://strayer.vitalsource.com/books/9781933895475/print?from=343&to=348&skip_deskt...
Funding: how much you are asking for in this round, how many future rounds are expected, how much you will
request during those rounds, and how the funds will be used.
The investment opportunity: potential exit strategies and financial return for investors.
Page 5 of 5
6/4/2015https://strayer.vitalsource.com/books/9781933895475/print?from=343&to=348&skip_deskt...
Accounts Payable/Accounts Receivable
Special Project
Policies and Procedures for Ensuring the 3-Way Match Occurs before Paying Invoice
This Special Project is worth 100 points and is due no later than June 8th, the date of the final exam. This is not a group project. Each student is required to prepare individual responses. A deduction of 20 points will be made for evidence of joint preparation. Late assignments will be given no points.
I would expect responses to vary in length but do not anticipate anything less than 3 pages.
Instructions:
Now that you are somewhat familiar with the payables function in QuickBooks, you no doubt realize that the software does not include a feature that ensures a three-way match is made/has been made prior to paying an invoice. It is largely a manual process.
You first job as the newly appointed head of the Accounts Payable departm.
1. Grants received for capital expenditure are initially treated as capital reserve and adjusted as income proportionate to depreciation. Grants for government-owned assets are adjusted to asset costs.
2. Fixed assets are recorded at historical cost. Intangible assets at acquisition cost. Expenditure on non-owned assets is reflected in capital work-in-progress till completion then fixed assets.
3. Capital work-in-progress includes supply contract supplies and incidental construction expenses allocated proportionate to annual capital expenditure. Deposit works and cost-plus contracts use contractor statements.
The document describes a tenant and property management software called SAIENT. It provides the following key features:
- Easy navigation of properties and units with single click access to tenant, contract, and payment information.
- Tools to track rent payments, expenses, maintenance issues and resolve problems before they escalate.
- Automated workflows for tasks like lease renewals, payment processing and accounting to streamline operations.
- Comprehensive reporting on finances, unit occupancy and performance to inform business decisions.
Aptitude Software discuss trends and challenges as telcos in Europe move closer to compliance with IFRS 15 regulations. The accompanying webinar is available on request from patrick.youngs@aptitudesoftware.com
The document summarizes key changes in the final FATCA regulations that impact insurance companies. Four changes stand out: 1) A new de minimis rule excludes insurance contracts with cash values under $50,000 from being considered financial accounts; 2) Insurance definitions were simplified; 3) Changes to the definition of cash value insurance contracts add exemptions to reduce contracts treated as financial accounts; 4) Insurance companies paying death benefits are no longer required to obtain beneficiary documentation unless they know the beneficiary is a US person. These changes reduce the number of insurance products and customers impacted by FATCA requirements.
Encoursa Webinar: Obtaining an Adequate ("Approved") Accounting SystemRobert E Jones
Robert Jones from Left Brain Professionals gave a presentation on obtaining an adequate ("approved") accounting system for government contractors. He discussed the need for an adequate system when dealing with cost-reimbursable contracts. He then listed the 15 criteria that an accounting system must meet to be considered adequate, including complying with GAAP, properly segregating costs, maintaining a timekeeping system, and providing financial data as required by contracts. Finally, he explained best practices like documenting policies and procedures, following those policies, and keeping evidence to pass a DCAA audit or survey of the system.
Imposition of Penal Interest u/s 220(2) by TRACES - How to avoid it ?Akash Mahagaonkar V
We are quite aware of the fact that each of us have been receiving quite a lot of communications from TRACES [ the TDS Processing Cell ] on Justification reports, Intimations, Demands, etc. Many of us have also been receiving Hard-Copy Letters to this effect from TRACES.
One may sometimes wonder why such a huge amount of flow of Information ! It does make us a lot uncomfortable & we would want it to be sorted out as soon as possible.
One such email TRACES sent out on 21st of February talks about imposition of Penal Interest u/s 220(2) if actions are not taken by the Deductors ( Employers / Companies / We ).
This PPT is a recording of the webinar conducted by Relativity Management Solutions to talk in detail about the various issues deductors are facing & solutions to it.
Govology Webinar: GovCon Accounting Policies & ProceduresRobert E Jones
One of the fundamental requirements of an accounting system is documented policies and procedures which are used in establishing and maintaining an organizations internal controls, accounting and reporting. The policies and procedures should capture how things are done, serving as an important tool for clarifying roles, responsibilities and ensuring accurate financial data is used for decision making. This webinar will focus on the purpose of having written (well-documented) policies and processes that serve as a basic framework and the importance of these procedures being consistently executed by all users of the system to promote operational efficiency and governance.
This document outlines an agenda for Government Purchase Card Training presented by the Mission and Installation Contracting Command at Fort Benning. The training will cover GPC policies, cardholder and billing official responsibilities, purchase limits, documentation requirements, and prohibited purchases. It provides contact information for the Agency Program Coordinator and U.S. Bank and lists prerequisite training requirements for cardholders and billing officials. The purpose is to ensure proper use of the purchase card in accordance with regulations.
Government contractors are under more scrutiny by the DCAA to effectively manage their contracts and stay compliant in a very competitive environment. The challenge for government contractors is adhering to the DCAA regulatory environment while maintaining profitability on your contracts. Understanding the regulatory environment is critical to running profitable contracts that comply with the changing landscape of the DCAA, FAR and CAS regulations. Accounting for key details of a project or contract, including measuring the degree of project completion, remains a huge challenge for government contractors. Join the Raffa Technology team for an update on the regulatory landscape and the best practices for keeping your organization DCAA compliant.
We work with companies to reduce their cash flow risk and automate the monthly draw process.
*Transparency into where your money is going
*Simplifies compliance management and payment holds
*Proactive and automated lien waiver collection tied directly to payment
*Provides real-time reports across project portfolio financing AP/AR, liens and cash flow risk.
Please join Amy Hernandez, CPA, JD, Principal at Strategic FAR Advisors, LLC, as she provides invaluable insight on navigating the DCAA waters.
On this webinar you will hear the topics below:
1. Trends in DCAA audits
2. Why certain audits are performed
3. Discussion on the top three audits types
Pre-Award to include the Accounting System audit
Forward Pricing
Incurred Cost
4. How to approach an audit should you have one upcoming
5. How Unanet helps companies by providing a compliant purpose-built Project ERP solution
Please join Amy Hernandez, CPA, JD, Principal at Strategic FAR Advisors, LLC, as she provides invaluable insight on navigating the DCAA waters.
On this webinar you will hear the topics below:
1. Trends in DCAA audits
2. Why certain audits are performed
3. Discussion on the top three audits types
Pre-Award to include the Accounting System audit
Forward Pricing
Incurred Cost
4. How to approach an audit should you have one upcoming
5. How Unanet helps companies by providing a compliant purpose-built Project ERP solution
Learn more at: https://www.unanet.com/news/demand-webinars
Improve Your Outcomes on Cost Type ContractsUnanet
Join Unanet and Aronson LLC for an educational webinar as we look at the complex world of cost type government contracts.
Many government service contractors successfully enter the government market with relatively straightforward T&M (Labor Hour) contracts. Eventually, an opportunity to bid and perform larger and more complex cost reimbursement contracts will present itself. The skills required to manage T&M contracts differ markedly from the skills required to manage a cost type contract. While the statements of work may be very similar, the administrative requirements associated with managing a cost type contract greatly exceed those required for T&M work.
Managing cost type contracts is a sophisticated undertaking. The contractor must understand what a “cost” is, have an adequate accounting system, establish both direct and indirect budgets (and actively manage them), and with actual (not billing) rates.
Failure to comply with these requirements can have serious ramifications, including incurring a loss, a poor cash flow, inaccurate cost reporting and an inadequate accounting system, An understanding of your obligations is essential to mitigating your risks, maximizing your cost recovery and maintaining your bottom line — essentially the difference between recovering your costs making a profit or losing your shirt.
Learning Objectives:
• What an "adequate" accounting system must include
• Which costs can — and can't — be reimbursed
• How direct costs are reimbursed
• How indirect costs are reimbursed
• How to handle invoicing on cost-type contracts
• The "Paid-to Cost" rule
• The limitation of Cost-and-Funds clauses
• How to facilitate a cost type contract in an accounting system
In this webinar you will learn to improve your outcomes on cost type contracts.
Learn more at: https://www.unanet.com/news/demand-webinars
Dynamic Changes Occurring: OMB's Uniform Grant GuidanceStreamLinkSoftware
At this year’s National Association of State Auditors, Comptrollers and Treasurers (NASACT) Annual Conference in Chicago, Illinois, StreamLink Software CEO, Adam Roth, and partner at accounting firm Plante Moran, Michelle Watterworth, presented on UGG’s impact on grant administration and audits.
Presentation covers QBCC Compliance audits / QBCC Minimum Financial Requirements for licensees and how accountants can assist including:
Notice of reasons for proposed suspensions of licence;
Notice of reasons for proposed cancellations of licence;
Consequences of suspensions and cancellations of licence on the builder/client;
Methods for recovering money in uncertain times; and
Key upcoming changes to the QBCC licencing regime.
The document summarizes the agenda and key topics for the Cardinal Project Wave 1 Change Network Meeting #6 on October 22, 2014. The agenda includes a project update, system reminders about the online accounts receivable process, workflow reassignment, employee expenses, security tips, voucher tips, and monitoring pending transactions. It also lists recent and upcoming communications. The meeting aims to provide guidance and reminders on using the new Cardinal financial system for the Commonwealth of Virginia.
The document provides an overview of key aspects of submitting an adequate incurred cost proposal (ICP). It discusses who needs to submit an ICP, what attributes make an ICP adequate, and consequences of inaccurate or late submissions. The presentation covers required schedules and information for an ICP, such as direct and indirect costs by contract, subcontractor information, and cumulative costs claimed and billed. It emphasizes starting preparation early, using the ICE model and DCAA checklist, and thoroughly reviewing all schedules.
This document provides a summary of a presentation on Form 5500 requirements and updates. It discusses when audited financial statements are required, the small pension plan audit waiver requirements, reporting service provider fees on Schedule C, filing deadlines and status checks, and other Form 5500 topics. Key points covered include the small pension plan audit waiver conditions, reporting direct and indirect compensation on Schedule C, checking the status of filings, and common Schedule H attachments.
The document provides an overview of IFRS 15 Revenue from Contracts with Customers and IAS 2 Inventories. It begins with introducing the background issues around revenue recognition and measurement of inventories. Then it discusses IFRS 15 in more detail, outlining its objective and scope, key definitions, and the five-step model for recognizing revenue. The five-step model includes identifying the contract, performance obligations, transaction price, allocating the price to obligations, and recognizing revenue. An example is provided to illustrate identifying performance obligations. In summary, the document explains the standards around revenue and inventories and how IFRS 15 established principles for revenue recognition.
12 CRITICAL SLIDES Title slide your company’s name, a sho.docxhyacinthshackley2629
12 CRITICAL SLIDES
Title slide: your company’s name, a short company description, name of presenter(s) if presenting in person.
Your elevator pitch: a succinct description of your products or services, market, and competitive advantages. Use
vibrant language, and if possible, embed audio or video to demonstrate your product or service.
Page 1 of 5
6/4/2015https://strayer.vitalsource.com/books/9781933895475/print?from=343&to=348&skip_deskt...
Size of opportunity: this is what investors — VCs even more so than angels — want to know. To what size can
your company potentially grow and what are your plans for future development?
Your specific target customers: who they are and the customer needs that your product or service will meet.
The market size: numbers and dollars, past growth, growth forecasts.
Page 2 of 5
6/4/2015https://strayer.vitalsource.com/books/9781933895475/print?from=343&to=348&skip_deskt...
The competition: division of market share, how your product compares to theirs, your value proposition in
comparison to the competition’s, and barriers to entry.
Your team: who they are, their past successes and experience, and why they are qualified to do the job.
The business model: how you will distribute your product, pricing strategies, how you will reach your customers.
Page 3 of 5
6/4/2015https://strayer.vitalsource.com/books/9781933895475/print?from=343&to=348&skip_deskt...
Milestones: a time line that outlines when you expect to reach key achievements.
Financials: a brief summary of key points from your income statement, balance sheet, and/or cash flow
projections.
Page 4 of 5
6/4/2015https://strayer.vitalsource.com/books/9781933895475/print?from=343&to=348&skip_deskt...
Funding: how much you are asking for in this round, how many future rounds are expected, how much you will
request during those rounds, and how the funds will be used.
The investment opportunity: potential exit strategies and financial return for investors.
Page 5 of 5
6/4/2015https://strayer.vitalsource.com/books/9781933895475/print?from=343&to=348&skip_deskt...
Accounts Payable/Accounts Receivable
Special Project
Policies and Procedures for Ensuring the 3-Way Match Occurs before Paying Invoice
This Special Project is worth 100 points and is due no later than June 8th, the date of the final exam. This is not a group project. Each student is required to prepare individual responses. A deduction of 20 points will be made for evidence of joint preparation. Late assignments will be given no points.
I would expect responses to vary in length but do not anticipate anything less than 3 pages.
Instructions:
Now that you are somewhat familiar with the payables function in QuickBooks, you no doubt realize that the software does not include a feature that ensures a three-way match is made/has been made prior to paying an invoice. It is largely a manual process.
You first job as the newly appointed head of the Accounts Payable departm.
In association with Croner Taxwise, the conference will focus on some specific areas that we believe will be of significant interest and relevance for our consultancy clients.
Employment status & off-payroll (IR35)
VAT
Managing people in the modern accountancy practice
Dealing with fast growth business
Tax planning for the family business
Dealing with Non-Doms
The contract does not define period. User is required to select transactions in a given date range that may happen to be 10 days, 1 month, 2 months. System will aggregate all transactions and apply rates as per contract
Once a transaction document is billed, it can not be billed again. Exception is in case of BA where same docket can be billed separately for booking and delivery BA
The document summarizes key aspects of the new revenue recognition standard, ASC 606. It provides an overview of the core principle of ASC 606, which is that an entity should recognize revenue to reflect the transfer of goods or services to customers in an amount that reflects the consideration the entity expects to receive. It then discusses some of the major changes introduced by ASC 606, such as additional judgment required, the five-step model for revenue recognition, and new disclosure requirements. It also covers the effective dates for public and private companies and allows for early adoption.
ICDS-III provides accounting standards for construction contracts that must be followed for income tax purposes. Key aspects of ICDS-III include:
1) Contractors must use the percentage of completion method to recognize revenue and expenses over time based on the stage of completion, rather than the completed contract method.
2) Retention money is considered contract revenue under ICDS-III, conflicting with some court precedents.
3) Compliance may be difficult for non-corporate contractors accustomed to the completed contract method.
The Basics Of Incurred Cost Electronically and Quick BooksFelipe Alonso
The document discusses the basics of Incurred Cost Electronic Submission (ICE) and how QuickBooks can be configured to complete an ICE. It provides an overview of the history and purpose of the Defense Contract Audit Agency (DCAA) and federal regulations regarding incurred cost submissions. It explains that ICE is an Excel spreadsheet used to submit indirect expenses, occupancy, G&A, and cost of money rates. Configuring QuickBooks by creating cost pools and tracking timekeeping can help meet DCAA auditing requirements and integrate with the ICE model.
The document is an audit program for examining a contractor's compliance with the criteria for an acceptable accounting system under DFARS 252.242-7006. Some key steps in the program include:
1) Planning considerations such as reviewing prior audits and coordination with the contracting officer.
2) Holding a planning meeting with the contractor to notify them of the audit and schedule demonstrations of the accounting system.
3) Obtaining an understanding of the contractor's accounting system, internal controls, and processes through walkthroughs and interviews.
4) Reporting any significant deficiencies or material weaknesses in the system identified during testing that could result in noncompliance with the DFARS criteria.
The document is a checklist used by the Defense Contract Audit Agency to determine the adequacy of contractor incurred cost proposals. It contains over 40 questions across multiple schedules that auditors use to ensure proposals are complete and accurate, including that all required schedules are included, costs and rates are calculated correctly, and that numbers tie out across schedules. If any information is missing or inadequate, the submission may be deemed inadequate. The checklist ensures proposals follow the Federal Acquisition Regulation and other guidance so they can be properly audited.
This document discusses monitoring subcontracts for government contractors. It notes that prime contractors are responsible for managing their subcontracts, including subcontract selection, ensuring consent is received from the contracting officer when required, and monitoring subcontractor performance and pricing. It provides guidance on common FAR clauses related to subcontracting, such as notifying the government of subcontract awards and including required flow-down clauses. It also lists responsibilities of higher-tier subcontractors and common deficiencies primes have with subcontract management.
This document provides an overview of the Defense Contract Audit Agency (DCAA), including its history, organization, responsibilities, and general audit interests. Key points include:
- DCAA was established in 1965 to perform audits of DoD contracts in a centralized agency. It operates under the DoD Comptroller and has headquarters and five regional offices.
- DCAA is responsible for auditing contracts to ensure fair and reasonable prices and compliance with regulations. It provides advice to government personnel throughout the procurement process.
- DCAA's main audit areas include business systems, management policies, accuracy of cost representations, and compliance with regulations like the FAR, CAS, and TINA.
- Contractors must
Briefing contracts enhances cash flow by avoiding rejected billings for noncompliance. Contract briefs summarize all pertinent provisions, including reviewing clauses to determine allowable, allocable, and reasonable costs to bill the government. Briefing contracts provides useful information to contractors such as billing instructions and terms agreed upon by the parties.
DCAA performs real-time labor evaluations to evaluate timekeeping procedures and analyze employee labor charging practices. The evaluations involve unannounced employee interviews at workstations to verify time charges are accurate. Auditors request timesheets, charge numbers, and project information to ensure labor is charged correctly. Common deficiencies found include timesheets not being current, lack of supervisor approval for revisions, and time charges not matching work performed. The evaluations help test compliance and support future incurred cost audits.
The document discusses the elements of an adequate proposal when submitting cost or pricing data to the government. It provides guidance on what should be included to support direct labor costs, material costs, subcontract costs, indirect rates, and cost or pricing data. It emphasizes that the contractor is responsible for providing supporting documentation and analyzing subcontractor proposals. It lists common deficiencies like a lack of budgetary data to support indirect rates or an inadequate analysis of subcontractor costs.
Provisional billing rates (PBRs) are established to approximate a contractor's final indirect rates for interim reimbursement purposes on cost-type contracts. Contractors should submit PBR proposals annually prior to the fiscal year or when established rates are no longer representative. The proposal should include pool and base calculations from prior and current years with explanations for differences. DCAA may review for comparisons to prior years and consideration of questioned costs. PBRs should be monitored throughout the year and adjusted if variances occur to prevent over- or under-payment. Common deficiencies include failure to remove unallowables or adjust for actual experience.
This document provides information about incurred cost submissions to the Defense Contract Audit Agency (DCAA). It discusses due dates, requirements, schedules, and penalties. Key details include: incurred cost claims are due six months after a contractor's fiscal year end; DCAA may recommend penalties if submissions are delinquent; and submissions must include specific schedules and documentation as required by the FAR.
The document outlines the requirements for an acceptable government contracting accounting system. It discusses requirements before and after contract award, including evaluating the design of the accounting system, accumulating direct and indirect costs, properly segregating costs, using an acceptable timekeeping and labor distribution system, excluding unallowable costs, reconciling costs to billings, and conducting management reviews. It provides definitions of key terms like direct costs, indirect costs and cost rates. Common deficiencies include not making interim cost determinations and improperly segregating direct and indirect costs.
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Public Vouchers
Further information is available in the Information for
Contractors Manual under Enclosure 5
The views expressed in this presentation are DCAA's views and not
necessarily the views of other DoD organizations
DCAA 1965-2015: Celebrating 50Years of Excellence
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Public Vouchers
• Introduction
• Contractor Responsibilities
• Adequate Billing System
• Preparation of Vouchers
• DCAA Responsibilities
• iRAPT (invoicing, Receipt, Acceptance, and Property
Transfer (formerly Wide Area WorkFlow (WAWF))
• WAWF e-Business Suite
• Electronic Submission of Vouchers
• Common Deficiencies
• Frequently Asked Questions (FAQs)
DCAA 1965-2015: Celebrating 50Years of Excellence
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Introduction
• Cost type contracts provide for interim
payments for costs on a Standard Form
(SF) 1034 public voucher or equivalent.
DCAA will perform voucher reviews based
on risk.
• Fixed price contracts are subject to FAR
Part 32 financing methods.
DCAA 1965-2015: Celebrating 50Years of Excellence
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Contractor Responsibilities
• Contact the cognizant DCAA office after contract award
• Ensure DCAA has the necessary information to process
contract billings, such as current provisional billing rates,
copy of the contract, any special contract provisions, etc.
• Maintain adequate billing system internal controls
• Ensure adequate support is maintained for amounts billed
• Submit timely incurred cost proposals and final vouchers
in accordance with FAR 52.216-7
DCAA 1965-2015: Celebrating 50Years of Excellence
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Adequate Billing System
The following items meet the criteria for an adequate billing system:
• Adequate accounting system
• Established billing rates* with timely adjustments to reflect year end
allowable costs
• Vouchers must be based on established billing rates*
• Contracts are briefed by contractor to ensure vouchers accurately
reflect special cost limitations and other contract restrictions
• Interim vouchers prepared directly from cost accounting records
• Incurred cost proposals are submitted timely
• Maintains a Cumulative Allowable Costs by Contract worksheet
• Final vouchers submitted in accordance with FAR 52.216-7
*Provisional billing rates discussed in a separate presentation
DCAA 1965-2015: Celebrating 50Years of Excellence
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Preparation of Vouchers
• The contractor is responsible for preparing and submitting claims
for reimbursement according to the terms of the contract.
• Vouchers should not be submitted more than once every two
weeks.
• Public voucher claims for reimbursement must be prepared on
the prescribed Government forms:
• First voucher on a contract is an interim voucher, as are all
subsequent vouchers prior to the final voucher.
• Final voucher will not be submitted until all contract work is
completed. The auditor may provide advice concerning the
format for preparing public vouchers and financial
representations.
DCAA 1965-2015: Celebrating 50Years of Excellence
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DCAA Responsibilities
• FAR 42.803 (b) and DFARS 242.803 (b)
authorize DCAA to:
• Receive and approve vouchers selected
using sampling methodologies
• Reject vouchers not properly prepared or not
in accordance with contract terms
• Returned with an explanation of necessary
corrections
• Suspend payment of questionable costs
DCAA 1965-2015: Celebrating 50Years of Excellence
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DCAA Responsibilities
Pre-Payment Review of Vouchers
• Evaluate for compliance with contract terms and
billing instructions
• Reconcile billed costs to the accounting records
• Verify that indirect costs are calculated using
established provisional billing rates
• Verify the voucher is properly prepared
(mathematically accurate, contains cumulative
costs, etc.)
DCAA 1965-2015: Celebrating 50Years of Excellence
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DCAA Responsibilities
Post-Payment Review of Vouchers
• Verify timely payments to vendors and
subcontractors
• Verify billed labor, materials, and other direct
costs to accounting records and supporting
documentation
• Compare amount billed to amount received
• Review monitoring of subcontracts in
accordance with FAR 42.202(e)(2)
DCAA 1965-2015: Celebrating 50Years of Excellence
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iRAPT (formerly WAWF)
• Contractors input invoices via Internet
• Government performs inspection/acceptance via
Internet
• Sends inspection/acceptance information to
Payment System via Electronic Data Interchange
• Provides visibility to all – Industry, DCMA, DCAA,
DFAS
• Maintains electronic records
• Standard DoD application with Single Face to
Industry
• Provides secure and auditable transactions
DCAA 1965-2015: Celebrating 50Years of Excellence
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iRAPT (formerly WAWF)
Contractor Benefits:
• Electronic submission of invoices
• Faster payments
• Total visibility of document status
• Eliminates lost or misplaced documents
• Secure transactions with audit
capability
DCAA 1965-2015: Celebrating 50Years of Excellence
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iRAPT (formerly WAWF)
Department of Defense Benefits:
• Electronic recording of
inspection/acceptance of goods and services
• Global accessibility of documents
• Improved data accuracy
• Electronic transaction processing into
entitlement systems
• Reduction in unmatched disbursements
• Real-time processing
• Secure transactions with audit capability
DCAA 1965-2015: Celebrating 50Years of Excellence
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iRAPT (formerly WAWF)
• iRAPT was initiated to eliminate paper
transactions from contract processing.
• DFARS 252.232-7003 requires the use of WAWF
(iRAPT) as the primary system for submission
and processing of payment requests.
• Limited exceptions to WAWF (iRAPT) -
Commercial Transportation, Tricare, Government
Wide Commercial Purchase Cards.
• All vouchers should be submitted through WAWF
(iRAPT) unless contract terms require hard copy
vouchers to be submitted.
DCAA 1965-2015: Celebrating 50Years of Excellence
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iRAPT (formerly WAWF)
Includes a voucher sampling approach that
replaces the direct bill program. In accordance
with DFARS 242.803, DCAA will:
• Approve interim vouchers selected using
sampling methodology for provisional payment
and forward to the disbursing office.
• All provisionally approved interim vouchers are
subject to a later audit of actual costs incurred.
• Review final vouchers and send to the
administrative contracting officer.
DCAA 1965-2015: Celebrating 50Years of Excellence
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WAWF e-Business Suite
• WAWF e-Business Suite
• iRAPT Web Based Training: iRAPT Web
Based Training
• New User Information and Help: WAWF
New User Information and Help
• Invoice Payment Status (myInvoice):
WAWF Invoice Payment Status
(myInvoice)
DCAA 1965-2015: Celebrating 50Years of Excellence
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WAWF e-Business Suite
Customer Support
DCAA 1965-2015: Celebrating 50Years of Excellence
Ogden Help Desk:
• 1-866-618-5988
• disa.ogden.esd.mbx.cscassig@mail.mil
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Electronic Submission of
Interim Vouchers
• All vouchers should be submitted through WAWF (iRAPT)
unless contract terms require hard copy vouchers to be
submitted.
• In iRAPT, the “Cost Voucher” is the equivalent of the SF
1034. Data equivalent to the SF 1035 must be included in a
separate electronic file and attached to the cost voucher in
WAWF.
• Vouchers must be prepared and submitted in accordance
with the terms of the contract, including any special billing or
payment instructions.
• Guidance and training for completing a cost voucher invoice
can be obtained from the WAWF website: https://wawf.eb.mil
DCAA 1965-2015: Celebrating 50Years of Excellence
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Electronic Submission of
Interim Vouchers
• Electronic Submission of Interim Vouchers examples
from DCAA Manual 7641.90, Information for Contractors,
located at: DCAA Information for Contractors
• SF 1034, Interim Vouchers, information required and
example:
• SF 1035, Interim Vouchers for Cost Plus Fixed Fee
Contract, information required and example:
DCAA 1965-2015: Celebrating 50Years of Excellence
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Electronic Submission of
Interim Vouchers
Final voucher:
• Last voucher to be submitted on a
contract.
• A separate completion voucher will be
submitted for each individual project or
task order for which a separate series of
public vouchers has been submitted.
• In accordance with FAR 52.216-7(d)(5)
DCAA 1965-2015: Celebrating 50Years of Excellence
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Common Deficiencies
• Math errors
• Billed costs not allowed per the contract
terms (e.g., overtime)
• Incorrect provisional billing rates (indirect
costs)
• Billing over contract ceiling amounts
DCAA 1965-2015: Celebrating 50Years of Excellence
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Frequently Asked Questions
Is there any general guidance for how a contractor should be
inputting information into WAWF?
• Examples of vouchers being rejected when not billed at the ACRN
level.
• Examples of vouchers being accepted when billed at the contract line
item number (CLIN) and not at the ACRN level.
• What is the proper level to bill at?
Yes, there is guidance on the required information for different
contract types and the guidance varies by type of contract. See
WAWF Web Based Training for an overview of invoice creation and
required information for different types of contracts.
DCAA 1965-2015: Celebrating 50Years of Excellence
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Frequently Asked Questions
• When information is incorrect on a voucher, can
the contractor recall and correct the voucher or
does the contractor have to submit a new
voucher?
Contractors will not be able to recall and correct
the following fields: contract number, delivery
order number, Cage Code, document type,
shipment number or date, and invoice number or
date. If the contract number has been entered
incorrectly, a new invoice must be submitted.
DCAA 1965-2015: Celebrating 50Years of Excellence
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Frequently Asked Questions
What is the proper numbering sequence for vouchers?
Voucher numbers may vary based on the entitlement system. For
example:
• Mechanization of Contract Administration Service (MOCAS) )-
voucher number must begin with “BVN” and be 7 or 8
characters in the format of AAAXNNN or AAAXNNNA
(A=Alpha, X=Alphanumeric, and N=Numeric). The 8th
position is only used for final vouchers and will be a “Z.”
• Enterprise Business System (EBS)-voucher number must be
7 or 8 characters in the format of AAAXNNN (A=Alpha,
X=Alphanumeric, and N=Numeric). The 8th position is only
used for final vouchers and will be a “Z.” The voucher
number does not include a prefix of BVN.
Different numbering sequences must be established for
separate delivery orders issued against the same contract.
DCAA 1965-2015: Celebrating 50Years of Excellence