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  • Government Compliant Reporting: For Contractors Using Quickbooks

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    This document provides information for contractors using QuickBooks on government compliant reporting. It outlines organizing a chart of accounts with direct and indirect costs. It also discusses using items versus expenses, creating jobs, and payroll items to properly track costs. The document recommends boxed solutions from $300 to $3,000 to generate payroll reports, invoices, and DCAA compliant reporting with indirect cost allocations. Results include templates, cost management and indirect rate calculation reports, income statements, and allocation worksheets to put QuickBooks reporting on "steroids" for government contractors.

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    managing govt contracts

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    managinggovtcontracts-124925156634-phpapp02

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    This document provides information for contractors using QuickBooks on government compliant reporting. It outlines organizing a chart of accounts with direct and indirect costs. It also discusses using items versus expenses, creating jobs, and payroll items to properly track costs. The document recommends boxed solutions from $300 to $3,000 to generate payroll reports, invoices, and DCAA compliant reporting with indirect cost allocations. Results include templates, cost management and indirect rate calculation reports, income statements, and allocation worksheets to put QuickBooks reporting on "steroids" for government contractors.

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    32 views17 pages

    Government Compliant Reporting: For Contractors Using Quickbooks

    Uploaded by

    jogy
    This document provides information for contractors using QuickBooks on government compliant reporting. It outlines organizing a chart of accounts with direct and indirect costs. It also discusses using items versus expenses, creating jobs, and payroll items to properly track costs. The document recommends boxed solutions from $300 to $3,000 to generate payroll reports, invoices, and DCAA compliant reporting with indirect cost allocations. Results include templates, cost management and indirect rate calculation reports, income statements, and allocation worksheets to put QuickBooks reporting on "steroids" for government contractors.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    of 17

    Government Compliant Reporting

    For Contractors using QuickBooks

    Dawn Scranton, CQA (561) 683-3497

    5121 Palo Verde Pl West Palm Beach, FL 33415

    Outline

    QuickBooks Considerations Technology Solutions DCAA Compliant Reporting

    Organize Your Chart of Accounts


    Direct Costs = Cost of Goods Sold
    (Specifically for a given project)
    * Labor * Materials * Equipment * 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)

    Items vs. Expenses


    Use Items to track direct job-related costs

    Items should be linked to direct expense accounts and appropriate income accounts during set-up

    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
    $ 300.00 to $ 3,000

    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.

    Web-based Time and attendance and Human Resource Management Solutions

    Results:

    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

    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 (561) 683-3497

    5121 Palo Verde Pl West Palm Beach, FL 33415

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