Government contractors subject to the Allowable Cost and Payment contract clause (FAR 52.216-7) must submit to the government an adequate incurred cost proposal (ICP) within six months after the end of the fiscal year. A completed ICP provides the contractor with their claimed rates, which, when approved, become final indirect rates for the period in question. For an adequate submission, contractors must know all the components of the incurred cost proposal and understand the proper treatment of costs to accurately calculate indirect rates.
This course is Part I of a two-part series. During this series, Robert Jones (Left Brain Professionals) will provide step-by-step guidance of each schedule and explain the required and recommended supporting documentation. You will learn how to present adjustments to general ledger amounts and document your working papers in preparation for an audit.
Part I in this series will focus on general and job cost ledger-related schedules. Here’s what you’ll learn:
1. The goal of completing the general ledger schedules.
2. The supporting documents necessary to complete the ICP.
3. The purpose of the job-related schedules.
4. Five Excel tips and functions to aid in success.