|eFAACT - The QuickBooks Solution for Government Contractors
|DCAA/FAR Pre and Post Award Survey Topics
|Generally Accepted Accounting Principles
|eFAACT integrates with QuickBooks to deliver the tools necessary to incoperate GAAP into your daily
|Proper segregation of costs
|eFAACT ensures segregation of costs according to the implementation control settings,
Direct costs are charged to a contracts and indirect charges are associated directly to their allocated cost pools.
|Direct costs by contract
|eFAACT accumulates contract costs and cumulative figures for all cost elements from daily details to contract-to-date summaries.
|Allocation of indirect costs
|eFAACT accumulates indirect costs in logical groupings and allocates costs based on benefits accrued to the intermediate and final cost objectives.
Base and pool calculations are reported in detail, along with their cooresponding calculation descriptions.
|Accumulation of costs under general ledger control
|eFAACT integrates directly with the QuickBooks general ledger and includes reports for detail reconciliations.
|eFAACT TimeCard requires job authorizations which are directly linked to cost objectives.
TimeCards must be entered and signed by the employee and approved by their supervisor.
|eFAACT distributes labor costs and reconciles directly to payroll records.
|Interim determination of costs
|eFAACT delivers period reports with audit trails and ensures contiguous processing dates.
|Exclusion of unallowables
|eFAACT includes the allocation of all general ledger accounts, including unallowables. Account allocations control cost distributions.
|Cost by contract line item
|eFAACT provides for CLIN definition and carries it through to budgets and cost reporting.
|Limitation of costs
|eFAACT calculations indirect rates each processing periods.
In conjunction with management reports, cost limitation notices are sent as indicator warning percentages are reached.
|eFAACT applies allocation rules and prepares interim direct cost billings directly for the QuickBooks general ledger.
eFAACT invoices (billings) track amounts at both the current and cumulative levels. Billings can be automatically posted to QuickBooks Accounts receivables.
|Adequate, reliable data
|eFAACT provides transaction and summary level details, as well as burn rates and budget variances to support future proposal efforts.
|Account system in operation
|eFAACT is an integrated software system designed specifically for supporting FAR compliance for government contractors.
As each component is implemented it seamlessly integrates with the overall system.