Page 48 - Participant Guide - Unanet GovCon Closing a Fiscal Period (2)

Reconcile Project Subledger to the GL

Ensuring the Project Subledger reconciles to the General Ledger (GL) is an important
step in the monthly close process because it helps to prove that GL account balances
agree with the Project Accounting report balances for all direct projects. This
reconciliation will also assist in verifying an organization's actual indirect rates are
calculating correctly and that all indirect costs in the GL are being allocated across all
direct projects in the project accounting reports.

For government contractors who need to comply with additional accounting practices
under the Federal Acquisition Regulations (FAR), this reconciliation is a requirement of
DCAA's Pre-Award System Adequacy Checklist.

The Project Subledger should be reconciled each month on a YTD basis to the Income
Statement. The Project Subledger is accessed using Project Accounting reports, such
as the Project Cost Summary (JSR) Report.

The year-to-date (YTD) values on the Project Cost Summary (JSR) Report are
compared to the following accounts on the Income Statement:

• Revenue
• Direct Costs
• Direct Gross Margin
• Total Indirect Cost

Project Cost Summary (JSR) Report

The Project Cost Summary (JSR) Report is used to show a summary of all costs for
projects in a Job Summary (JSR) or Project Summary type report layout. The specific
rows that will be included in the output (and what data is expected to be included in
each of those rows) is determined by a Cost Report definition selected in the criteria.
A Cost Report Definition is created by an Administrator via the Admin > Setup > Cost
Report screen. Despite the report’s name, Cost Report definitions can be configured to
view project costs as well as the revenue generated by a project (displayed at the
project or task level) and many other values as needed.

LESSON 6: RECONCILIATIONS
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