Requirement: Is the accounting system in accord with generally accepted accounting principles applicable in the circumstances?

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Yes. The reports in GovBooks are presented on an accrual basis and incorporates all accrual entries made in QuickBooks Online.

Requirement: Proper segregation of direct costs from indirect costs.

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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.

Requirement: Identification and accumulation of direct costs by contract.

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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.

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).

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Yes. GovBooks creates indirect pools and allocates indirect expenses based on highly-customizable allocation bases to obtain precise allocation of indirect expenses to contracts.

Requirement: Accumulation of cost under general ledger control.

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Yes. General ledger accounts from QuickBooks Online are used in GovBooks for reporting purposes and are the basis for the indirect rate allocations.

Requirement: A timekeeping system that identifies employee's labor by intermediate or final cost objective.

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Yes. GovBooks imports time data from QuickBooks Online to create the labor distribution and allocate employee labor costs to intermediate or final cost objectives.

Requirement: A labor distribution system that charges direct and indirect labor to the appropriate cost objectives.

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Yes. Time data from QuickBooks Online is imported into GovBooks where the labor distribution is computed and then exported back to QuickBooks Online via an API connection.

Requirement: Interim (at least monthly) determination of costs charged to a contract through routine posting of books of account.

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Yes. Webhooks are used to automatically import data from QuickBooks Online in real-time to update the contract data in GovBooks whenever an transaction is recorded in QuickBooks Online.

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.

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Yes. When indirect pools are created in GovBooks, general ledger accounts that are used to record unallowable expenses are segregated from direct and indirect accounts.

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.

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Yes. CLINs are created in GovBooks and assigned to contracts so that when costs are imported from QuickBooks Online, the costs are associated with contract line items.

Requirement: Segregation of preproduction costs from production costs.

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Yes. GovBooks creates project reports from transaction data imported from QuickBooks Online where preproduction costs are accumulated and associated with non-billable projects.

Requirement: Required by contract clauses concerning limitation of cost (FAR 52.232-20 and 21) or limitation on payments (FAR 52.216-16).

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Yes. Contract funding is recorded in GovBooks by contract, CLIN and modification to create contract funding reports and contract backlog reports.

Requirement: Required to support requests for progress payments.

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Yes. GovBooks imports item data from QuickBooks Online to break down projects and contracts into phases and milestones to support progress payments.

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?

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Yes. GovBooks provides detailed pricing support by importing all transaction data from QuickBooks Online to include time data and cost data by project and item.