WIXLIB

1 1 / 2 6 / 2 01 5DCAA Com pliantQ uickBooksGovCon BasicsDCAACompliantQuick BooksDCAACompliance1DCAA Requirem ents GeneralLedgerDirectCostsIndirectCostsUnallow able CostsAccountNum bering– IndirectPools &Rates–––– Job Costing– Contract– Line item LaborDistribution– Tim esheets– LaborCategories– Hours– LaborCosts2DCAA Requirem ents &Q uickBooks Many w ays to m ake Q uickBooks DCAA Com pliant Solvability m ethod based on creating data to usein Strategic Pricing Model Understand requirem entsand m ethod to usew hatw orks bestfor yourorganization Com panies outgrow Q uickBooks– Com plexity ofcontracts and billings– CostPlus Contracts– Prim e Requirem ents31

1 1 / 2 6 / 2 01 5DCAA Com pliance: GeneralLedger Governm entContractor ( GovCon)– Incom e Statem ent– Types ofAccounts for trackingContract Costs include data forJobCosting and Billing– Types ofAccounts for tracking otherCosts– Sam ple ChartofAccounts– Your ChartofAccounts4DCAA Com pliance: Job Costing Ability to track costby job Review ContractTerm s and ProposalPricing– Contract Values– Line Item s– Labor Categories– O ptions Years– Funding– CurrentPeriod and Cum ulative Costs and Hours– Apply IndirectCosts and Fee w here appropriate5W hatdoes Job Costing Accom plish? Identifies totalContractCost May be required inorderto bill Com pares proposalestim ates to actuals Provides informationfor future bids Measures the profitonthe job62

1 1 / 2 6 / 2 01 5Job Costing: Labor Distribution LaborDistribution System– Em ployees com plete tim ecards identifying hoursto charge num bers– Accounting system distributes costs to jobs andgeneralledger– Labor Distribution System is source forgeneralledger, job costing, payrolland billing7DCAA Com pliantQ uickBooks O verviewAccountsCustom er/Em ployeesJobsCustom ersVendors8DCAA Com pliantQ uickBooks O verviewService Item sCustom er/ Jobs StructureCustom er/JobsAccountsAccountList&Num bersAccountTypesTim e TrackingPayrollItem sEm ployeesEnter Bills &CreditCardsW rite ChecksCreate InvoicesInvoice Tem platesCustom ersVendors93

1 1 / 2 6 / 2 01 5DCAA Com pliantQ uickBooks Settings w ithin Q uickBooks Tim ing Processing Guidance10DCAA Com pliantQ uickBooks Settings Settings w ithin Q uickBooks– Preferences– Chart ofAccounts– Item List– PayrollItem List– Custom er/ Job Info– Em ployee Info– Billing Tem plates w ith Group and Subtotals11Accounting PreferencesAccountNum bersRequire AccountsSetClosing Date - Recom m ended124

1 1 / 2 6 / 2 01 5GeneralPreferences General: Com pany Preferences– Tim e Form at: Show portions ofan hour asDECIMAL13Payroll&Em ployees Preferences 1 Payroll&Em ployees:Com panyPreferences– FullPayroll– Job Costingand Itemtracking14Payroll&Em ployee Preferences 2– Em ployee Defaults Subtask Earnings:ITEMS – to add newPayrollitem s CHECKBOX - Use tim e data tocreate paychecks155

1 1 / 2 6 / 2 01 5Reports &Graphs PreferencesSum m ary Reports Basis: Accrual– QuickBooks Accruals based on transaction dates– True accrual accounting may require Journal Entries16Tim e &Expenses Preferences YES to Do youtrack tim e Selectfirstday ofYO UR tim e w eek InvoicingO ptions: TrackReim bursedexpenses asincom e17Com pany PreferencesModule & Recommended SettingsAccountingUse AccountNum bersRequire AccountsSetClosing DateGeneralTim e Form atDecim alSave Transactions beforePrintingPayroll&Em ployees FullPayrollJob CostingReports &GraphsAccrualTim e &ExpensesYes to Tim e TrackingAdd PAYRO LLITEMSUse Tim e Data forPaychecksExpense as Incom e186

1 1 / 2 6 / 2 01 5Q uickBooks Elem entsAccountsAccountTypesChartofAccountsCustom er/ JobsItem ListEm ployee DataPayrollItem sEnter BillsW rite ChecksJournalEntriesJobsCreate InvoicesEm ployeesTim e TrackingVendorsEnter CreditCard Charges19Q uickBooks Elem ents Com pany Menu– Chart ofAccounts Use SubAccounts to create Indented ChartofAccounts Keeps data organized in sam e order Som e accounts listed m ultiple tim es – understand howto classify– Direct Travel, O verhead Travel, G&A Travel AccountType:– Assigns to lines on Balance Sheet orProfit &Loss– Creates Groupings and Subtotals20Q uickBooks Accounts Account– Sub Account AccountType217

1 1 / 2 6 / 2 01 5Q uickBooks AccountTypes O ther AccountTypes– AccountsReceivable– O ther CurrentAsset– AccountsPayable– O ther CurrentLiability– Long TermLiability– CostofGoodsSold– O ther Incom e– O ther Expense22Profit&Loss Expanded23Profit&Loss Collapsed248

1 1 / 2 6 / 2 01 5GovCon Incom e Statem ent Incom e– Governm ent Revenue– Com m ercialRevenue CostofGoods Sold: DirectCosts– DirectLabor– DirectTravel– O ther DirectCosts Expenses: Indirect Costs– Fringe– Facilities– O verhead– General&Adm inistrative O ther Expense– Unallow able Expenses25Sam ple Governm entContractorChartofAccounts StructureAccount TypeGroupBreakdownAcct #sIncom eRevenueContractRevenues4xCostofGoods SoldDirectCostsDirectLabor5xDirectTravel5xO therDirectCost( O DC)5xFringe6BFacilities6FExpenseO therExpenseIndirectCostPoolsUnallow able CostsO verhead7xGeneral&Adm inistrative ( G&A)8xUnallow able Expenses9x26Sam ple Governm entContractorChartofAccounts StructureAccount TypeGroupBreakdownAcct #sIncom eRevenueContractRevenues4xGovernm entRevenue4 001Com m ercialRevenue4 002O therExam ples:279

1 1 / 2 6 / 2 01 5Sam ple Governm entContractorChartofAccounts StructureAccount TypeGroupBreakdownAcct #sCostofGoods SoldDirectCostsDirectLabor5xDirectTravel5xO therDirectCost( O DC)5xDirectLabor Com pany Site503 9DirectLabor ClientSite504 0DirectTravel504 3DirectMaterials504 4DirectConsultants504 5O therDirectCosts504 6DirectSubcontracts5050O therExam ples:28Sam ple Governm entContractorIndirectPoolsIndirect PoolDescriptionAcct #sFringePayrollTaxes,Leave,Group Benefits6 BxFacilitiesRent,etc.6 FxO verheadSupportCosts ofContract 7 xGeneral&Adm inistrative ( G&A)Corporate Expenses8x29Sam ple Governm entContractorFringe PoolFRINGE POOLLeavePayrollTaxesGroup Benefits1 0%1 0%1 0%GL AcctAccount Name6 001Vacation Expense6 002Sick Leave Pay6 003Holiday Pay6 004O therLeave Pay6 01 1SocialSecurity Expense6 01 2Medicare Expense6 01 3FUTA Expense6 01 4SUTA Expense6 01 5W orkers Com p Expense6 01 6Group Health Insurance6 01 7Life &AD&D Insurance6 01 84 01 K Matching3010

1 1 / 2 6 / 2 01 5Sam ple Governm entContractorFacilities Service CenterFacilities Service CenterGL AcctAccount NameO ccupancy6 501Rent6 502Utilities6 503Depreciation6 504Repairs &Maintenance6 51 1Telephone6 51 2Internet6 51 3IT Support6 52 1O ffice Supplies6 52 2Postage &Freight6 54 1Com puter Expense6 54 2O ffice Expense6 54 3O ffice Equipm ent LeaseTelecom m unicationsSuppliesExpenses31Sam ple Governm entContractorO verhead PoolOverhead PoolGL AcctAccount NameStaffing7 01 0O H IndirectLabor7 01 1O H Business Developm entLabor7 02 0O H Business Meals7 02 1O H Dues &Subscriptions7 02 2O H Travel7 02 3O H Training Expense7 03 1O H Recruiting Expense7 03 2O H Security Expense7 03 3O H Certification ExpenseExpensesSupportofDirect32Sam ple Governm entContractorG&A PoolG&A PoolGL AcctAccount NameStaffing8 000G&A Managem entLabor8 001G&A Adm inistrative Labor8 003B&P Labor8 02 0G&A Business Meals8 02 1G&A Dues &Subscriptions8 02 2G&A Travel8 02 3G&A Training Expense8 08 1G&A ProfessionalFees8 08 2G&A Bank Service Charges8 08 3G&A Taxes &Licenses8 09 3B&P Expense NonLaborExpensesCO RPO RATE3311

1 1 / 2 6 / 2 01 5Sam ple Governm entContractorUnallow able ExpensesUnallowableGL AcctAccount NamePerFAR 3 1 .2 059 001UN InterestExpense9 001UN Corp FederalIncom e Tax9 003UN Entertainm ent9 004UN Contributions9 005UN Travel9 006UN Trade Show9 007UN Advertising9 008UN Em ployee Morale9 009UN IFF Fee9 01 0UN O ther34REVIEW :Recom m ended ChartofAccountsAccountGroupingAccount TypeRecommendedAcct#RevenueIncom e4xDirectLaborCostofGood Sold5xDirectTravel,Subs, etcCostofGoods Sold5xFringeExpense6 BxFacilitiesExpense6 FxO verheadExpense7xG&AExpense8xUnallow ableO therExpense9x35Your Com pany’s ChartofAccounts Custom ize for your Com pany– Consider the types ofexpenses– Com pany Philosophy/ Culture– Flexibility for future grow th– Business structure/ offices– Type ofw ork and contracts– IndirectRates/ Pools– Purpose and benefitofexpense– Expense follow s the em ployee/ labor3612

1 1 / 2 6 / 2 01 5BREAK37Custom ers Custom erCenter– Setup New Custom ers Under Custom ers Set up Jobs– Setup Item s Also called “ Service Item s”Identifies how hours and costs are BilledUsed for Labor Categories &BillRatesUsed for billable Direct Costs ( Direct Travel, etc.)Use Item GRO UPS and Subtotals to apply O verhead, G&A and Fee%– Create Invoices Tem plates &Mem orized Transactions for form ats by Contract Type( Fixed Price, T&M, CostPlus)38Custom ers &Jobs3913

1 1 / 2 6 / 2 01 5Add N ew Custom er40Add Job to Custom erAdd Job toCustom er Job N um berw ith Task Type ofJobat End– FP– T&M– CP41Item List Under List, Item List– Item Type Service Map to Revenue Account Maps to Cost accounts ifcheck box– Item Type O ther Charge Used to apply % for indirect rates and fee Map to Revenue Account– Item Type Subtotals Creates Subtotalw ithin an Invoice since lastsubtotal– Item Type Group Creates tem plate Group Use the Item Types w ith Invoice Form atsto custom ize invoices forFixed Price,T&M and Cost Plus4214

1 1 / 2 6 / 2 01 5Item List: Service Under List, Item List– Item Type Service Map to RevenueAccount Maps to Costaccounts ifcheckbox43Item List: O ther Charge Item Type O ther Charge– Used to apply % for indirectrates and fee– Map to Revenue Account44Item List: Subtotals Item Type Subtotals– Creates Subtotalw ithin an Invoice since lastsubtotal4515

1 1 / 2 6 / 2 01 5Item List: Group Item Type Group– Createstem plateGroup46Invoices based on ContractTypesFixedPriceCostPlusT&MIDIQInvoices Lists, Tem plates– Custom ize Invoice Tem plates– Use as Mem orized Transactions Use Spreadsheetsto track cum ulative billed andbalance to Q uickBooks Revenue on Incom e Statem entbased on BillingDate– Use m onth end as Billing Date– O R do JournalEntry to recognize revenue inappropriate period4816

1 1 / 2 6 / 2 01 5Fixed Price: PT PrototypeContract: 1000-000 PT PrototypeCustom er:SpaceTronicsContractValue 2 00KPeriod ofPerform ance: 1 / 1 / 2 01 1 to 1 / 3 1 / 2 01 2Billing Term s: Milestones 1 1 7 ,8 1 8 CriticalDesignReview,Balance upon Acceptance Billw illshow : custom erand invoice inform ationplus flatam ountof 1 1 7 ,8 1 8 in current 49Fixed Price Billing Milestone50Fixed Price: Photon Torpedo TestingContract: 1001-001 Photon Torpedo TestingCustom er:PTIContractValue 1 2 0KPeriod ofPerform ance: 6 / 1 / 2 01 2 to 5/ 3 1 / 2 01 3Billing Term s: Fixed Monthly Am ountof 1 0K perm onth for1 2 m onths Billw illshow : custom erand invoice inform ationplus flatam ountof 1 0K in current 5117

1 1 / 2 6 / 2 01 5Fixed Price Billing - Installm ent52T&M: Zom bie Missile Testing Contract: 1003-001 Zom bie Missile TestingCustom er:Zom bie Missile Group,LLCContractValue 1 2 0KPeriod ofPerform ance: 1 0/ 1 / 2 01 2 to 9 / 3 0/ 2 01 3Billing Term s: LaborCategories w ith Billing Ratesplus DirectTravelw ith G&A Billw illshow :custom erand invoice inform ation hours by laborcategories and billing rates plus directtravelandG&A applied53T&M BillingJob 1003-001 Zombie Missile TestsLaborCategoryProjectManagerHours40Softw are EngineerLaborSUBTOTAL80Billing Rate 1 2 5.009 0.00Billing Am ount 5,000.007 ,2 00.001 2 ,2 00.00DirectTravelG&A 1 00.001 0.00Burdened Travel 1 1 0.00TotalBill 1 2 ,3 1 0.005418