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SF 1408
1
Requirement:
Is the accounting system in accord with generally accepted accounting principles applicable in the circumstances?
Yes.
The reports in GovBooks are presented on an accrual basis and incorporates all accrual entries made in QuickBooks Online.
2a
Requirement:
Proper segregation of direct costs from indirect costs.
Yes.
GovBooks creates indirect pools and segregates direct costs from indirect costs by assigning general ledger accounts from QuickBooks Online to direct cost elements and indirect pools.
2b
Requirement:
Identification and accumulation of direct costs by contract.
Yes.
GovBooks creates contracts and QuickBooks Online projects are assigned to contracts. Reports in GovBooks can be displayed by contract as well as by project.
2c
Requirement:
A logical and consistent method for the allocation of indirect costs to intermediate and final cost objectives (A contract is a final cost objective).
Yes.
GovBooks creates indirect pools, calculates indirect rates and allocates indirect expenses based on highly-customizable allocation bases to obtain precise allocation of indirect expenses to contracts. GovBooks supports up to 10 fringe pools, 10 overhead pools, 10 facility pools, 10 value-added pools,10 service centers and a company-wide G&A pool for a total of 10,000 different allocation scenarios. GovBooks overhead allocations can be based on either the 2-tier method, the 3-tier method or any custom allocation base. GovBooks correctly handles overhead allocations for Bid & Proposal (B&P) and Independent Research & Development (IR&D).
2d
Requirement:
Accumulation of cost under general ledger control.
Yes.
General ledger accounts from QuickBooks Online are used in GovBooks for reporting purposes and are the basis for the indirect rate allocations.
2e
Requirement:
A timekeeping system that identifies employee's labor by intermediate or final cost objective.
Yes.
GovBooks handles all timekeeping scenarios with 4 options. First, GovBooks includes its own DCAA-compliant timesheet system built directly within the GovBooks application. Second, GovBooks can directly access time data from QuickBooks Time. Third, GovBooks can directly access time data from any 3rd-party timesheet system that imports its time data into QuickBooks Online. Fourth, GovBooks can import an Excel file with time data directly into its own timesheet system.
2f
Requirement:
A labor distribution system that charges direct and indirect labor to the appropriate cost objectives.
Yes.
GovBooks creates the labor distribution from any of the 4 timekeeping options available (see 2e above) and posts it directly to QuickBooks Online. The labor distribution handles salaried employees and uncompensated overtime using Total Time accounting. The labor distribution handles hourly employees with overtime and salaried employees with overtime at straight time. The labor distribution correctly adjusts labor costs for leave without pay.
2g
Requirement:
Interim (at least monthly) determination of costs charged to a contract through routine posting of books of account.
Yes.
GovBooks accelerates the monthly closing process through rapid processing of timesheets and their approvals and the deployment of a labor distribution system that takes seconds rather than hours or days when attempted manually.
2h
Requirement:
Exclusion from costs charged to government contracts of amounts which are not allowable in terms of FAR 31, Contract Cost Principles and Procedures, or other contract provisions.
Yes.
When indirect pools are created in GovBooks, general ledger accounts that are used to record unallowable expenses are segregated from direct and indirect pools.
2i
Requirement:
Identification of costs by contract line item and by units (as if each unit or line item were a separate contract) if required by the proposed contract.
Yes.
Contract line items (CLINs) are handled in GovBooks in several ways. In QuickBooks Online, sub-customers or projects can be created for each CLIN to segregate cost data. Or, service items can be used in QuickBooks Online to identify CLINs within a single sub-customer or project. GovBooks supports both methods. In GovBooks itself, the GovBooks Timesheet module allows CLINs to be associated with charge codes so that labor costs can be segregated and identified by CLIN.
2j
Requirement:
Segregation of preproduction costs from production costs.
Yes.
GovBooks creates project reports from transaction data imported from QuickBooks Online where preproduction costs are accumulated and associated with non-billable projects.
3a
Requirement:
Required by contract clauses concerning limitation of cost (FAR 52.232-20 and 21) or limitation on payments (FAR 52.216-16).
Yes.
Contract funding is recorded in GovBooks by contract, CLIN and contract modification to create contract funding reports. GovBooks automatically compares the amount of contract funding to the amount billed by line item on the Award Backlog Report.
3b
Requirement:
Required to support requests for progress payments.
Yes.
GovBooks imports item data from QuickBooks Online to break down projects and contracts into phases and milestones to support progress payments.
4
Requirement:
Is the accounting system designed, and are the records maintained in such a manner that adequate, reliable data are developed for use in pricing follow-on acquisitions?
Yes.
GovBooks provides detailed pricing support by importing all transaction data from QuickBooks Online to create detailed project status reports. GovBooks Timesheets can track charge codes by labor category and CLIN to provide detailed cost and profit analysis.
Timesheets Only
5$Every monthAccess to timesheet module only.30 day free trial- $5 per timesheet user per month
- Direct integration with QuickBooks Online
- Cancel anytime, no long-term contract
- 30 day free trial
- $5 per month minimum
GovBooks Pro
100$Every monthMonthly subscription that integrates with QuickBooks Online30 day free trial- Includes all timesheet features +
- Indirect rates, labor distribution, and funding
- Cancel anytime, no long-term contract
- 30 day free trial
- 20 timesheet users included, then $5 for each additional