RGCI - 2021 Year End Considerations for Government Contractors

As the year comes to an end, many of you are ready to close the door on 2021. But before you dive head-first into 2022, let's take a moment to ensure you have finished your year-end process. Unanet is a comprehensive accounting system that offers clear procedures for closing. Still, we all know that government contracting comes with unique accounting challenges, and extra help can come in handy! Therefore, we at Redstone GCI wanted to provide a checklist and a few links to the Unanet Support Site to help guide you through the Year-End Process smoothly and efficiently:

Year End Considerations:

  1. ME Checklist
  2. Administrative (Unanet) Updates
  3. Financial Updates and Year End Closing
  4. On Premises Considerations

Month-End Close (Support Site Month-End Close)

  1. Post Outstanding Financial Transactions
  2. Perform Reconciliations
  3. Generate Financial Statements
  4. Close the Period

Year-End Checklist (Support Site Year-End Close)

  1. Add next fiscal year
  2. Create new holidays and assignments
  3. Roll over accrual plans (if necessary)
  4. Set up Custom Time Periods (if necessary)

System Admin Checklist

  1. Clean & update saved shared reports
  2. Review scheduled items and make necessary updates (reminders, accrual postings, project alerts, etc)
  3. Review and update project set up templates
  4. Update person cost rates for pay increases
  5. Review “Active” users for any that should be “Inactive”
  6. Review Assignments on internal projects (Training, B&P, etc.)
  7. Review Accruals and remind employees of “Use It or Lose It” policy
  8. Import new Per Diem rates and update mileage rates
  9. Add next year financial budgets (GL or Labor & Expense)
  10. Add next year indirect rates into cost structures
  11. Update Cost pools for next fiscal year
  12. True-up indirect rates
  13. Incurred Cost Electronically/Incurred Cost Submission (ICE/ICS)
  14. Update any recurring annual journal entries (Rent payments)
  15. Gross Salary reconciliation to Payroll journals
  16. Check Purchase Order Status Report for any processing necessary
  17. 1099 activities/Print off 1099 info
  18. Fiscal period close

Additional Considerations for on Premise Users:

  1. Restart Unanet Server (monthly)
  2. Backup Database (weekly/monthly)
  3. Upgrade Point & Major Releases

We hope this checklist helps you prepare your accounting system for the end of 2021, guiding you through the essential steps to closing 2021 with Unanet. Our Unanet experts are always here to offer additional help as you utilize Unanet and can offer consulting and training options to make sure you are getting the most out of your investment. Reach out to us to make your year-end process or any Unanet functions run smoother for your department and company.

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Written by Katie Donnell

Katie Donnell Katherine (Katie) Donnell serves as the Director of Unanet Practice Services at Redstone Government Consulting, Inc., where she leads the firm’s Unanet consulting practice in delivering expert implementation, optimization, and compliance support to government contractors. With extensive expertise in DCAA-compliant Unanet Time & Expense Tracking, Project Portfolio, and Financials, Katie plays a vital role in helping contractors build and maintain compliant, efficient financial and project management systems. As one of the first Unanet Certified Implementers, Katie was part of Unanet’s initial pilot certification program for non-Unanet consultants, investing over 300 hours in training, system development, and rigorous testing to obtain her certification. She holds Unanet Advanced Project Management training credentials and is also a QuickBooks ProAdvisor. Her technical expertise and real-world implementation experience make her a trusted advisor, frequently called upon by Unanet’s internal teams to support implementation projects as an external expert. Katie is also responsible for the continued growth and strategic oversight of Redstone GCI’s Unanet Practice, ensuring that quality of service, client support, and consultant development remain at the highest standard. She is committed to advancing the professional development and expertise of Redstone GCI’s Unanet consulting team, ensuring they stay at the forefront of industry best practices and evolving compliance requirements. At Redstone GCI, Katie serves as a primary point of contact for numerous small business clients, providing ongoing government cost accounting and compliance support. She regularly assists with monthly accounting close processes, ensuring accurate financial reporting for program management and executives. Her unique combination of software system expertise and compliance knowledge allows her to provide strategic, hands-on guidance to government contractors navigating complex regulatory and financial landscapes. With extensive experience in government contract accounting and compliance, Katie has assisted contractors with DCAA audit readiness, including SF1408 pre-award accounting system audits, provisional billing rate submissions, forward pricing rate development, and incurred cost submissions. She also helps clients design and implement compliant policies and procedures to support an adequate DCAA-approved accounting system. Prior to joining Redstone GCI, Katie worked in public accounting and government contracting, gaining operational experience with Unanet, QuickBooks, SpringAhead, Deltek T&E, ADP, Paychex, and QB Payroll. Her extensive background in accounting, compliance, and financial systems ensures that Redstone GCI’s Unanet clients receive the highest level of technical and regulatory expertise.

About Redstone GCI

Redstone GCI is a consulting firm focused on fulfilling the needs of government contractors in all areas of compliance. With a singular mission to help contractors through the multiple layers of “red tape,” we allow contractors to focus on what they do best – support their mission with the U.S. Government. We are home to a group of consultants made up of GovCon industry professionals, CPAs, attorneys, and retired government audit and acquisition professionals.

Our focus and knowledge of audit and compliance functions administered by DCAA and DCMA will always be at the heart of what we do. However, for the past decade, we’ve strategically grown to support other areas of the government contractor back-office with that same level of focus and expertise. We’ve added expertise in contracts management, subcontract administration, proposal pricing, various software systems, HR and employment law, property administration, manufacturing, data analytics/reporting, Grant specialists, M&A, and many other areas. When we see a trend in the needs of contractors, we act to ensure we can provide the best expertise in the market to fulfill those needs.

One thing our clients can be certain of is that with the Redstone GCI Team in your corner, there is no problem too big and no issue too technical for our team to tackle.

Topics: Unanet