Deltek Costpoint Chat - April 29, 2022

Now that year end and quarter 1 is behind us, what is next? If you guessed Incurred Cost Submissions (ICS), you are correct. June 1^st is fast approaching and there are a few housekeeping items you can do to ensure that your accounting team has an efficient and painless process ahead of them.

• Make sure all final costs have been captured and you have closed the company’s financials for the previous fiscal year. You can find a checklist of the Deltek Costpoint close steps here.
• Reconcile your General Ledger, Project Ledger, and Statement of Indirects.
  • These reconciliations are part of the close process mentioned in the previous bullet point.
• If you plan to use Cognos Business Intelligence (BI) to run your ICS reports, you must complete the ICS Codes on the Government Contract Info screen which is a subtask in your Project Master screen.
  • To run the ICS report Schedule J, you must have the Costpoint Purchasing module.
• Pools must be properly identified on the Cost Pools Screen. If you make changes to the standard configuration, you must also make the same changes in Cognos BI.
• Print an excel download from the Project Master screen so that you can easily identify the project numbers and project types.
  • The project type is the contract type per your contract. This will not necessarily match the billing and revenue formulas assigned. For example, you may have a Cost Plus Fixed Fee contract type that is assigned a Loaded Labor billing and revenue formula to satisfy contractual requirements for invoicing and reporting. BUT this is still considered a Cost Plus Fixed Fee regardless of how the system is setup to calculate invoices and revenue.
• Print an excel download from the Print Project Revenue and Billing Formulas screen. You will want to run this for all active projects. This report provides a quick and easy way to see what billing and revenue formulas are assigned and at what levels of the projects they are assigned.
• Create a folder specifically for your ICS by fiscal year. You will want to save all reports mentioned above along with the reports listed here.

Perhaps the second hottest topic is the Deltek Costpoint 8.1 upgrade. This upgrade offers significant enhancements and improvements for government contractors. Read the full list of updates here and here. As Deltek continues to upgrade databases from v8.0 to v8.1 some bugs have occurred that are impacting our clients. We at Redstone GCI want you to be aware of the issues and work arounds provided by Deltek. You can find the complete list of known issues at this time here. Please do not hesitate to reach out to our Deltek Costpoint Consultants with any questions or concerns. We are tracking these bugs closely and will provide updated information as it becomes available to us.