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QuickBooks Strategies for Govt Contractors
Citation preview
Government Compliant Reporting
For Contractors using QuickBooks
Dawn Scranton, CQA 5121 Palo Verde Pl
(561) 683-3497 West Palm Beach, FL 33415
Outline
QuickBooks Considerations Technology Solutions DCAA Compliant Reporting
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 & AdminFinance & 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
“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
Use the “Expense” tab for recording indirect costs
Ultimately, both methods affect the same accounts, but by using “Items” you enhance the “Profit & Loss by Job” reports and other applications
Creating “Jobs”
Checks, Bills, Invoices and Credit Card will display as:
Works on either the “Items” or “Expenses” tab
Payroll Items:
Educate QuickBooks for posting “indirect” or
“direct” costs, by setting-up an
appropriate list of “payroll items”
www.marketplace.intuit.com
Boxed Solutions
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.
Create WH-347 and/or state certified payroll reports, statements of compliance and benefit
reports with existing timesheet information from QuickBooks.
Web-based Time and attendance and Human Resource Management Solutions
$ 300.00 to $ 3,000
Templates for QuickBooks COA, Payroll Items, and Memorized ReportsPut 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 CalculationsOverhead = Fringe + Facilities + Technical SupportG&A = Finance & Admin + Sales/Marketing + Bid & Proposal + R&D
Income StatementCombines Cost Management Reports and Indirect Rate Calculations
Allocations Journal and Various Other Worksheets
Results:
Indirect Cost Allocation Worksheet
DCAA Compliant
Income Statements
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
Thank You
Dawn Scranton, CQA 5121 Palo Verde Pl
(561) 683-3497 West Palm Beach, FL 33415