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Use “Enter Bills” Instead of “Write Checks” This makes it much simpler to maintain separate accounting for each government contract you’re working on, regardless of whether or not it’s for the same customer, so you can maintain FAR compliance. Here, you can specify the type of contract (firm fixed price, cost plus fixed fee, time and material, etc.) and set up several different jobs under a single customer. You can set QuickBooks to track customer jobs, tasks and subtasks at differing levels via the Customer Center. The Federal Acquisitions Regulations (FAR) specifies that contractors’ accounting systems must identify and accumulate direct costs for each contract separately. In terms of PTO expenses, the amount appearing on your P&L in QuickBooks reflects the number of hours used rather than the hours accrued, so PTO accruals must be put together monthly to show the sum of each employee’s total accrued hours multiplied by their hourly rate.Īdditionally, you’ll need to adjust each month based on your company’s internal revenue recognition procedures, as QuickBooks recognizes revenue based on the date entered on the invoice. So, you’ll need to prepare your accruals on a monthly basis to circumvent this default. QuickBooks is programmed to allocate costs on a cash basis, which means labor is allocated to the month in which payroll is paid. Create Monthly Accruals for Revenue, Labor, and PTO However, it is easy to record this outside the software to ensure accurate reporting. Direct labor for company sites must be listed separately from direct labor for company sites, and overhead for company sites must be separated from overhead for government sites.Īdditionally, note that your actual labor distribution calculation won’t be calculated directly in QuickBooks. You can set up your QuickBooks with employee data and compensation details, including payroll items for different types of labor, as well as PTO and holidays.Įstablish separate cost categories and map them out to relevant accounts so that indirect rates can be correctly calculated. While configuring QuickBooks, it’s essential that you fairly allocate your labor distribution to the total time recorded on your timesheets so that no single contract is given preferential treatment. Run Reports for Labor Distribution and Fund Tracking Under “Company Settings,” you can make specific changes related to your company’s work schedule, such as setting the first day of the workweek so that it coincides with your weekly timesheets this will help ensure payroll periods and timesheet periods match up properly, and will simplify your reporting and accounting. In QuickBooks, you can set this up under “Company Preferences,” which will make the necessary reports available for you. Ensure DCAA-Compliant Timekeepingįor government contracts, your labor costs must be calculated using timesheets, so you’ll need to set up a timekeeping system that allows all payroll employees to record their labor hours. This is something you will have to configure within your QuickBooks software, and not a default setting in the program. When using QuickBooks, you should divide direct and indirect costs through a chart of accounts sequencing. Your chart of accounts is a list of general ledger accounts and posted transactions. Your general ledger should also include accounts such as payables and receivables, as well as unearned revenue and prepaid expenses to show that you’re operating on an accruals basis. Your indirect cost accounts need to be broken down into pools for overhead, fringe, and G&A expenses. Primarily, you must be able to easily distinguish cost pools. In order to remain in good standing as a government contractor, your accounting system must have a chart of accounts that follows Generally Accepted Accounting Principles (GAAP). Keep reading to get a few important tips about QuickBooks accounting if you’re a government contractor. However, you do have to ensure that you’re utilizing QuickBooks properly if you want to maintain that compliance. QuickBooks is a popular accounting tool for small businesses, and it can be used while maintaining compliance with FAR and DCAA for government contracts. There has to be one \\s between \\d and ft.*/ ' 2 ft, 5 ft' /* Extra spaces won't make a difference. * Now we have to use \\s for a white-space.*/ ' 2 ft, 5 ft' /* After enabling comment mode we cannot match space between \\d and ft.*/ Examples /* By default we can use spaces as literals.*/ The embedded comments starting with # are also ignored until the end of a line. Whitespace are treated as they are not there during regex matching time. This mode enables white whitespaces and comments in the pattern. find() //matches: 'The is a\n one sentence' at 0-22Ĭomments and White-Spaces Mode Pattern class constant ' The First line\n The SecondLine' /* Using embedded flag for DOTALL.*/ ' The First line\nThe SecondLine' /* Removing DOTALL will get us the right result in above case.*/ find() //matches: 'The First line\nThe SecondLine' at 0-29 matcher("The First line\nThe SecondLine"). pile("^T.*e$", Pattern.MULTILINE | Pattern.DOTALL). That's because DOTALL makes the engine to see 'line terminators' as normal characters.*/ ' The is \n one sentence' /* But, using Pattern.MULTILINE with Pattern.DOTALL doesn't give desired matches for the patterns which are targeting '^' and '$'. find() //matches: 'The is \n one sentence' at 0-21 pile("The.*sentence", Pattern.MULTILINE | Pattern.DOTALL). Enabling MULTILINE with DOTALL doesn't effect DOTALL results*/ On the other hand, Pattern.DOTALL causes engine to see all line terminator as literal character which can be matched by a dot (.). Pattern.MULTILINE matches ^ and $ for the line terminator wherever they are. ' The is \n one sentence' /* Pattern.MULTILINE does the entirely different thing, i.e. Examples /* We want to match the given input string as a single line, but we cannot unless we enable DOTALL mode.*/ By default the line terminators are the only ones dot doesn't match. The dot (.) in regex expression can match them as well. When this mode is enabled, line terminators (\n or \r or \r\n) are treated as literal. find() //matches: 'The First line' at 0-14, 'The SecondLine' at 16-30ĭot-All (Single Line) Mode Pattern class constant matcher("The First line\n\rThe SecondLine"). ' The First line\r The SecondLine' /* Using \r\n together*/ find() //matches: 'The First line' at 0-14, 'The SecondLine' at 15-29 matcher("The First line\rThe SecondLine"). ' The First line\n The SecondLine' /* Using \r*/ ' The First line\n The SecondLine' /* Using embedded flag.*/ ' The First line\nThe SecondLine' /* Including $ at the end in the regex.*/ find() //matches: 'The First line' at 0-14 When this mode is enabled, ^ and $ will be used to match at the start and end of each line. * Turning on/off the flags in the middle*/ ' Stew Pasta Twinkies' /* Turning off the flag. ' Stew Pasta Twinkies' /* These flags can be used anywhere in the expression*/ ' Stew Pasta Twinkies' /* Using embedded flag.*/ pile("\\b \\b", Pattern.CASE_INSENSITIVE). We can also embed these flags in the expression as we will see in examples below.Ĭase Insensitive Mode Pattern class constantĮxamples /* The default case sensitive matching*/ The flags parameter is a bit mask that may include any of the public static fields provided in Pattern class. We can set these flags at the construction time by using the overloaded static method compile(String regex, int flags). These flags effect the way Java regex engine matches the pattern. with mongoose on NodeJS that query: const countryName = provides a set of flags to override the certain defaults. |
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