Government Contract Accounting FAQ

Government Contract Accounting FAQ There are government contract accounting questions that frequently come up during the course of recording transactions or bookkeeping. These questions seems to be popular among our clients and potential clients, no matter what the tenure. 1….

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QBO Still Not for Government Contracts

QuickBooks Online Still Not for Government Contracts Technology is moving at warp speed and this holds true for accounting software as well. For the last 20+ years, QuickBooks Desktop has been the go-to accounting software for small businesses, including government…

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Uncompensated OT Hours

Uncompensated OT Hours Government contractors with salaried employees could potentially have uncompensated overtime (OT). Uncompensated OT affects Incurred Cost Submissions, Proposed Budget Rates, Indirect Rates, and billing the government. Improper handling of uncompensated OT can result in the contractor most…

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ICS Schedules Explained

ICS Schedules Explained Have you seen all the schedules on an Incurred Cost Submission (ICS)?! The ICS seems to never end. Why are there so many schedules and what do they do? Before explaining all these schedules, a quick review…

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FAR Compliance in QB

How to Maintain FAR Compliance in QB One of the areas of concern to government contractors is meeting the requirements for bookkeeping under Federal Acquisition Regulations (FAR). While the Defense Contract Audit Agency (DCAA) does NOT approve or recommend any…

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FAR: Government Contracting Mystery

Government Contracting Mystery The world of government contracting is often a mystery for those looking in from the civilian world. Many wonder what DCAA and FAR are. To clear up some of the mystery, here are answers to some common…

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Preaward Survey Failures– Part 2

Top 5 failures in a Preaward Survey Part 2 of 2-part series In part 1 of this series, we identified the top 5 epic fails of the preaward survey as involving the labor distribution, policies and procedures, generally accepted accounting…

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Who needs an Incurred Cost Submission?

What is an Incurred Cost Submission and Who Needs to Submit One? The Federal Acquisition Regulations (FAR) clause FAR 52.216-7 requires government contractors to submit final annual indirect cost rates six months after the fiscal year end; known as the…

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Overhead versus G&A Indirect Costs

Overhead versus G&A Indirect Costs Is there an important difference between a general and administrative (G&A) expense and an overhead (OH) expense?  Do these indirect costs really matter?  The answer is yes if you want to remain a government contractor…

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Retro Pay or Bonus?

Retro Pay or Bonus? How many times have your government contracts received approval for rate changes after the employees have been paid? This causes payroll dilemmas for many government contractors. Your employee worked 50 hours on a project at the…

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