Government grants and contracts require FAR Part 31 compliant accounting
If you have a federally-funded award, it is subject to a complex set of rules known as the Federal Acquisition Regulations (FAR), as well as agency-specific regulations.
To help you understand the basics, set up a FAR-compliant accounting system properly, and better navigate the rules and regulations, we’ve created a comprehensive guide, “Understanding The Basic Accounting Requirements For Federal Government Awards”
This helpful, informative guide includes:
- How to set up your chart of accounts
- The difference between direct, indirect and unallowable costs
- The importance of time sheets
- Job Cost Reporting
- Indirect Cost Rates, and
- Incurred Cost Submissions
If you need help maintaining a FAR Part 31-compliant accounting system, Contact Us to schedule a time to speak to one of our government funding experts, and we will follow up within 48 hours.