Setting up Your QuickBooks Pro for DCAA Compliance (3-Part Series)

In this three-day series, Jenny Clark (Solvability) will discuss the requirements for a DCAA-compliant accounting system, starting with the form SF1408 Pre-Award Survey. You will learn what it takes to become DCAA-compliant and how to pass a DCAA Pre-Award Survey SF-1408.

Specifically, Part 1 will cover:

• The elements of a DCAA-compliant timesheet and labor distribution system.
• Cost accounting requirements based on accrual methods.
• Direct, indirect, and unallowable costs.
• Contract types and billing requirements.

In Part 2, we will focus on your direct and indirect costs and what goes into Fringe, Overhead, and G&A expenses. You will also learn how your indirect rates used for bidding are calculated based on your actual income statement.

Specifically, Part 2 will cover:

• How your costs affect your pricing.
• Pricing strategies to scale your business and compete at a higher level.
• Mulitplier and wrap rate strategies based on your company performance and forecast.

In Part 3, you will learn how to set up these elements in the QuickBooks Pro desktop (QuickBooks ONLINE is NOT an acceptable alternative.)

You will learn about all the hidden settings and specific practices to make QuickBooks Pro desktop work for you as a federal contractor. We’ll show you how to structure your Chart of Accounts for direct costs, Fringe, Overhead, G&A, and unallowable expenses. We’ll also show you how to set up your customers, including job settings to report by contract and best practices for processing employee and vendor transactions so that you can easily create billings and calculate indirect rates from your Profit and Loss.

Specifically, Part 3 will cover the following:

• Settings you need in QuickBooks Pro to pass a DCAA PreAward Survey SF1408.
• Best practices for integrating timesheets, payroll, and billing.
• Tracking and forecasting your indirect rates for Fringe, Overhead, and G&A expenses using your correctly structured QuickBooks Pro Profit and Loss.

Instructor:  JENNY W CLARK, Solvability

Jenny W Clark helps small businesses win more federal contracts by showing them how to apply cost and pricing strategies that are flexible, competitive, and profitable. With over 30 years of experience implementing accounting systems, Jenny found that the software for federal contractors, including Deltek GCS Premier and Costpoint, was just too expensive and overwhelming for most small businesses. So to bring down the cost and improve results, she developed DCAA Compliant QuickBooks Boot Camp and her Prime Focus coaching programs. Her training series and coaching programs start with a DCAA Compliant Chart of Accounts, explain indirect rates such as fringe, overhead, and general and administrative (G&A), and finally, show executives how to adapt the Solvability Rate & Pricing Model (RPM) to develop competitive bid rates.