Archive for March, 2017


DCAA & IRS Accounting with QuickBooks

Friday, March 31st, 2017

You should be able to handle both the DCAA and the IRS needs with your QuickBooks – without a CPA moving dollars from one account to another account at the end of the year.   DCAA requires your books be set in accrual accounting.  IRS normally requests that your books are set up in cash accounting (most owners would prefer to use cash accounting as well).

Let’s say that you had a team of workers for the month of October.  The project invoice was prepared and dated November.   The client gave you a check in March – and you deposited the check into the bank in April.

If you have entered things properly within QuickBooks, and we run a Profit & Loss Statement for October – April by Month – we should find:

Accrual:   Work Hours/Expenses in October.   The client payment in October.

Cash:  Work Hours/Expenses in October.   The client payment in April.

Sometimes we find the Work Hours/Expenses and/or the payment in November though.  Why?  Because we dated the invoice in November.  The date of the invoice drives the accrual basis.  So – even if I prepare the invoice on 3 November – if it’s for October work or expenses – I need to date the invoice or the bill no later than 31 October.

Questions or comments – love to hear from ya!    Dr. Nick    ncline@hbdsolutions.com

General Dynamics Wins $140M NATO IT Services Contract

Friday, March 31st, 2017

General Dynamics Information Technology on Thursday announced that it has won a $140 million contract to upgrade technical infrastructure for the NATO Communications and Information Agency.  For more information, contact Law360

 

Sens. Propose Bill To Boost Small Business Cybersecurity

Thursday, March 30th, 2017

A bipartisan group of U.S. senators have introduced a bill that would offer small businesses additional resources to help them protect against and manage cybersecurity risks, according to a set of press releases issued by the lawmakers on Wednesday.   For more information, contact Law360.com