Dcaa compliant software quickbooks

Please log in to continue, or contact us to request access. User Name. You're account does not have access to this section of the site. Please contact us to request access. GovCon Connect gives you the tools and intelligence to manage your government contracts.

GovCon Connect has a full back office to implement, train and support Government Contractors to grow and commercialize your technology. Client Testimonial "Hosted Records, Inc. Several steps should be reviewed prior to proceeding. This is a partial list of considerations prior to converting the platform to QuickBooks:.

Setting up your QuickBooks is just the first step; once it is brought into compliance, it must remain in compliance and this requires the help of experts. Unfortunately, government contract, job cost accounting differs substantially from the commercial bookkeeping and accounting that a traditional bookkeeper or CPA is familiar with. While companies with existing accounting personnel on staff can sometimes be trained to handle the day to day bookkeeping and administrative tasks required, performing the month-end closes, calculating indirect rates, and the necessary financial reporting required, is best left to our staff.

Toggle Mobile Menu. Cost accumulation must be under the general ledger control. This means that costs both direct and indirect are accumulated in QuickBooks or other accounting software under dual entry general ledger control, and job costs are accumulated into general ledger accounts.

The timekeeping system must meet strict DCAA requirements. Errors related to timekeeping are the number one finding and reason for a failed DCAA audit. Given this reality, setting up and maintaining an adequate timekeeping system is critical. While a it can be manual excel spreadsheets or paper timecards , to reduce the extremely high risk of errors, it is recommended a contractor use an automated software.

Timekeeping requirements include important practices such as labor being identified by contract or task order, time being recorded daily by employees, and supervisor approval of timecards. Installation Questions, Cost, and Lead Time The steps involved in setting up your accounting system as well as the costs and expected turnaround time , can vary depending on several factors:.

Is your company a brand new start-up, or have you been in business for several years? Are you backdating to January 1st of the current year, going back even further, or starting on a specific date?

These solutions are intelligent applications that download QuickBooks data, calculate overhead rates and offer a variety of project reports acceptable to DCAA to fulfill the Limitations of Funds clause and other related clauses. Most offer a labor distribution tool as well. There are a number of other applications on the market as well. I do not endorse any package in particular. Each has its strengths and weaknesses. Each has its own unique approach. Some are simple to implement while others are more advanced.

The more advanced packages offer more capabilities. Application selection should be based on your own unique circumstances selecting the package that works best for you. Also contractors need to set up their systems to record transactions by person or labor category and make certain the project system reconciles to the general ledger each month.

This is a matter of good set up and consistently following sound project accounting practices. Failure to meet this test is a failure for sure. Another short fall is QuickBooks does not accrue payroll. It is very important that payroll, direct and indirect labor be recorded in the period incurred not necessarily the period paid. The contractor should develop a remedy for this condition. These tasks are not overwhelming.

And this is good news for small businesses. But as mentioned above there are extra applications and a number of work arounds similar to a band aid approach. But QuicksBooks is really the only viable solution for the very small business with limited accounting resources. Procas is a better option but in my opinion some government contract accounting expertise and experience is needed. It is integrated and it offers online capabilities, but most important if set up properly it is DCAA compliant for small business.

Of course there are a number of other middle ground solutions available for small businesses that may prove more effective than Quick Books. The next viable solution is to move up the chain to a more robust integrated government contract accounting system such as JAMIS or Deltek.