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