QuickBooks for Federal Government Contracting Accounting Systems

Companies selling goods and/or services to the Federal Government are required to have an "Established Comprehensive, Compliant Accounting System that provides accurate verifiable Financial data to management". - 48 CFR FAR 31

A company will be required to provide the following information if they are audited by the DCAA:

Track Direct and Indirect Costs by Contract or Job
Provide Income Statement and Balance Sheet Reports
Timekeeping system that properly identifies labor costs as direct or indirect
Specific Timekeeping Requirements
- Manual or Electronic
- Written Timekeeping Procedures
- Employee(s) instructed on Procedures
- Employee prepares timesheets daily
- Management approval of timesheets
- Timesheet properly identifies Contract, hours worked, direct or indirect labor
Specific Billing System Requirement
- Billing system should be product of Contractor's accounting system
- Billed costs traceable to job costs
- Direct costs can be identified and traceable
- Timekeeping is part of accounting system billing system
- Unallowable costs are not billed

QuickBooks accounting systems have the capability of being enhanced in order to meet the majority of DCAA Auditing requirements. For further information please contact Judith Juback at (914) 693-0728 or email keynote.ny@juno.com