The rush to close any accounting system for the previous year is everyone’s top priority at the beginning of the new year. Why? We have forms to file. We have performance numbers to report. The annual Incurred Cost Submission is a top priority for government contractors with cost-type contracts. The Incurred Cost Electronically (ICE), or Incurred Cost Submission (ICS), is a highly formatted spreadsheet model with many worksheets (17 required and 6 optional) that provides a standard electronic package to assist in preparing adequate incurred cost submissions. The ICE spreadsheet model also helps with audit support and is the final version of reported costs incurred and billed within a year.
There are many ways to expedite your incurred cost submission preparation within Unanet.
1. Preconfigured Schedules in the Analytics Reporting Tool
For every Unanet GovCon customer, many incurred cost report schedules are housed in the basic version of Analytics.
Custom reports can also be built in Analytics to represent other necessary schedules for your submission. For example, the data required to complete Schedule I can be easily compiled in an Analytics data export. Schedule I computes the over/under billings based on actual costs and costs billed. Using a tool like Analytics to generate your data based on General Ledger date ranges increases the ease and accuracy of your calculations. It can be created in a format like the reporting schedule.
Custom reports might also be necessary if your Contract Line Item Number (CLIN) is at a different level of detail within your Unanet configuration. For example, you might have CLINs at the task level instead of the project level.
2. Contracts Module
Our clients utilizing the Unanet Contracts Module will benefit from the Incurred Cost Submission reporting already coded to a contract. The manual process of assigning groups of project codes to a contract within Schedules I and H can be daunting. Unanet makes that easy by allowing the association of the contract and its values with project codes within the system. As you associate projects with a contract, users can easily pull related schedules from Analytics, as shown in our example below.
3. Reports Dashboard Options
- Trial Balance (TB) - This report should be added to your Incurred Cost Submission in a separate tab. It is recommended that information from the Trial Balance be linked to the source data instead of manually entering it.
- Project Summary by Cost Element - This report has the same format as the Incurred Cost Submission’s Schedule H, where each cost element is a column, and each SLIN is a row. The Project Summary by Cost Element is driven by the same cost report templates as your JSR, and we can have a special format cost report that looks exactly like Schedule H.
- Contract Brief - This optional Schedule Supplemental O can be included on your Incurred Cost Submission as made available within Unanet. That information can easily be pulled if the Contract Module is utilized along with provisions and contract clauses.
- Billing & Revenue Summary - This report can be used to populate Schedule I Billings Total. You need to back out the fee from the billed total on Schedule I; the Project Summary by Cost Element should show that information.
4. Statement of Indirect Rates
While the Statement of IDRs is not exportable into Excel, it can easily be copied and dropped into Excel to validate the calculation. From there, this template is an excellent tool to assist in annual forecasting and provisional rates.
Automating Unanet reporting necessary to complete the Incurred Cost Submission might take some time to set up initially, but it would be worth it year after year as each Incurred Cost Submission is due. Please let us know if you’d like assistance preparing your Incurred Cost Submission using Unanet.
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.