Free QuickBooks DCAA Chart of Accounts
Quickbooks version of the GovBooks Chart of Accounts
How to import the GovBook Chart of Accounts
Check out our article for step-by-step instructions on how to import the GovBooks chart of accounts into QuickBooks.
MEETS THE FOLLOWING DCAA REQUIREMENTS:
Proper segregation of direct costs from indirect costs
Accounting system is in accordance with GAAP
Accumulation of costs under general ledger control
Exclusion from costs not allowable under FAR 31
SYNOPSIS:
The chart of accounts is the foundation on which you will build your DCAA compliant accounting system. Like building a house on a weak foundation, your accounting system will not stand up to a DCAA audit without a strong chart of accounts.
The chart of accounts is simply a list of general ledger accounts, grouped by their function within the accounting system. Each general ledger account will hold individual transactions based on the type of account. We have developed a standard chart of accounts that will pass DCAA audits and is designed for use with QuickBooks. Our chart of accounts will allow for easy computation of your indirect rates with a simple excel template.
The chart of accounts is a listing of general ledger accounts organized by account type. In a typical chart of accounts, you will find a balance sheet section with assets and liabilities, an equity section, and an expense section. The chart of accounts utilized in government contracting has some similarities to the typical chart of accounts utilized by commercial enterprises, and the balance sheet and equity sections are nearly the same, but the similarity ends there.
The expense section is very different in government contracting when compared to the expense section of a commercial enterprise. In the expense section of a government contractor’s chart of accounts, you will find that the expense accounts are further divided into standard subsets such as direct costs, fringe benefits, overhead, facilities, general and administrative (G&A), and unallowable expenses. These subsets are utilized to represent cost of sales, intermediate and final indirect expense pools, allocation bases, and expenses segregated from the government contracting business. These subsets are standard to the industry of government contracting and are universally recognized by industry accountants and DCAA auditors alike.
Variations and customization is permitted, as long as the chart of accounts meets DCAA requirements. Before implementing a significant variation from our standard chart of accounts, you may want to consult with an expert before your DCAA system audit.
