ICAT installs into QuickBooks, computes indirect rates, and allocates indirect costs to contracts. For a new QuickBooks company, ICAT automatically loads the chart of accounts, and configures indirect cost pools and bases for computing rates. For existing QuickBooks companies, cost pools and bases can be easily configured to work with your existing chart of accounts.
Many government contractors have successfully implemented ICAT. Using ICAT, contractors have passed their DCAA accounting system review; qualifying them for Cost-Plus-Fixed-Fee type contracts. ICAT provides the functionality for computing indirect rates and allocating indirect costs to contracts – a critical requirement for determining the Government’s obligation for reimbursing costs to the contractor.
ICAT enabled these contractors to continue using their QuickBooks accounting system rather than implementing much more costly systems. ICAT is a must have for Government Contractors using QuickBooks.
-Calculates Indirect Rates.
-Produces an Indirect Rate Report showing pool components, base components, and indirect costs allocated to each base component.
-Allocates Indirect Costs to Jobs
-Produces Contract Cost Reports showing direct costs and allocated indirect costs by job.
-Can produce an Incurred Cost Submission Worksheet
-Reports can be run using actual rates or billing rates.
-Provides templates for automatic set-up of chart-of-accounts, indirect cost pools and rate calculations.
-Choose among many templates for your indirect rate model or custom design your own.
-Includes transaction search feature to easily identify any direct cost transaction not assigned to a job.
-Consistent with the requirements of the Federal Acquisition Regulation Part 31.2.