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tostito98
May 9, 2022
Question

Detail Type for Federal Contractors

  • May 9, 2022
  • 1 reply
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I am working on creating my excel file for my chart of accounts to import into Quickbooks Online. I have a chart of accounts that's supposed to be acceptable for DCAA audits. I am wondering how the detail type should be done when it comes to chart of accounts for federal contracting. I can give you a link to the source of the COA if it helps. 

 

On the DCAA chart of accounts, you have various expenses that are considered unallowable. Right now, the account type is set as Expense for those items. Are unallowable expenses still shown as expenses for the chart of accounts? What do you use for Detail Type for those? 

 

You also have direct and indirect costs on the federal chart. How does the account type and detail type vary when distinguishing direct and indirect costs? 

 

One category is fringe benefits which includes your normal payroll and unemployment costs. Should you just use Payroll Expenses for everything or do you normally assign a more specific detail type if available?

 

I'd like to see how others have created their chart of accounts when working as a federal contractor. 

1 reply

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IntuitSheila
May 10, 2022

Hello tostito98,

 

You can definitely import your chart of accounts to QuickBooks Online, you'll have to make sure the file format is correct. The chart of accounts in your QuickBooks Online is automatically created based on your business type. You can add a new account if you need to track other types of transactions.

 

For the DCAA chart of accounts as long as the Account type is expense type that category will be reported in the Expense account type and Profit and Loss report. You can add multiple expense accounts to your chart of accounts. For the Detail type of an account choose

the nearest account that fits that specific expense, and enter the Name that you want to show in your reports.

 

As for the Payroll Expense, you can use this account type to Track payroll items for the company, including salaries, wages, bonuses, commissions, employer contributions such as company-paid health plans, and a company-paid portion of taxes such as Medicare. 

 

If you're using the QuickBooks Online Payroll you can Set up and configure the payroll chart of accounts using this article.

 

Also, you can check the articles below to help you with QuickBooks Online chart of accounts:

 

 

You can post your question here if you need more help. The Community is here to help you.

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