The federal approval that is usually done to the accounting systems of companies from time to time is referred to as DCAA timekeeping. The same thing that is used in charging cost specific contracts is this one. The employees on contract are the ones who enter the information so that their labor is tracked. The advantage is that it makes it clear how much labor has been done and for what period of time.
The way it works involves maintenance of a QuickBooks timesheet by the employee. This is to enter the amount of time that they have put into working. It may either be done manually or can be a computerized system. Employees are taught how to enter the information so they can enter the number of hours they have covered. A unique code can be created for a specific contract to avoid other people from tampering with it.
Auditing of timesheet interface that is carried out by DCAA could be random so they must be regularly updated. They come and verify how honest it is and for approval so it needs to be as recent as possible. They are able to detect any acts of fraud so one needs to be as careful and as faithful as possible.
When charging the timesheets one has to cover all the possible costs that may be incurred. They need to be included to avoid extra costs later on. If they will not properly charged it may result in errors and this is not good for a company.
It is also wise to carry out personal audits from time to time to make sure that the employees know what they are doing. It is also important that they be keeping them up to date at all times to avoid issues of fraud later on. Sometimes they may have a hard time understanding how to keep the records and this may be realized a bit too late.
Any employee who is new to the company should be shown how the entry is done. This needs to be a part of the orientation. If they claim that they know what it entails then this must be verified first. They should not be left without guidance until it is a certainty they know how to do it.
An external auditor who is familiar with DCAA timekeeping can be invited to see that everything is running smoothly. The employees may be making errors that internal auditors do not detect. The external one will be the last word and if the federal auditors come around the company will be safe.
The way it works involves maintenance of a QuickBooks timesheet by the employee. This is to enter the amount of time that they have put into working. It may either be done manually or can be a computerized system. Employees are taught how to enter the information so they can enter the number of hours they have covered. A unique code can be created for a specific contract to avoid other people from tampering with it.
Auditing of timesheet interface that is carried out by DCAA could be random so they must be regularly updated. They come and verify how honest it is and for approval so it needs to be as recent as possible. They are able to detect any acts of fraud so one needs to be as careful and as faithful as possible.
When charging the timesheets one has to cover all the possible costs that may be incurred. They need to be included to avoid extra costs later on. If they will not properly charged it may result in errors and this is not good for a company.
It is also wise to carry out personal audits from time to time to make sure that the employees know what they are doing. It is also important that they be keeping them up to date at all times to avoid issues of fraud later on. Sometimes they may have a hard time understanding how to keep the records and this may be realized a bit too late.
Any employee who is new to the company should be shown how the entry is done. This needs to be a part of the orientation. If they claim that they know what it entails then this must be verified first. They should not be left without guidance until it is a certainty they know how to do it.
An external auditor who is familiar with DCAA timekeeping can be invited to see that everything is running smoothly. The employees may be making errors that internal auditors do not detect. The external one will be the last word and if the federal auditors come around the company will be safe.
About the Author:
GHG Corporation specializes in QuickBooks timesheet services. Visit them online for details! (http://www.quickbookstimesheet.com)
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