Unanet’s project management and general ledger budget features can be an asset when it comes time to develop provisional billing rates for the upcoming year. The information from the project budgets for the upcoming year can provide the data necessary to populate those areas of the general ledger budget so that billing rates can be calculated based on those same assumptions that project managers are using to maintain their project’s performance.
As with many areas of the Unanet system, there are two ways to enter/edit a general ledger budget:
- in the user interface or
- via import/export (to access the general ledger budgets and import/export areas, users should have the appropriate roles).
Once general ledger budgets are established and rates are computed, it is important to update provisional billing rates in the cost structures for the upcoming year. Cost plus contracts often require the submission of estimated rates to external agencies, which are typically provided as provisional billing rates and might contain details on the pools and bases that make the rates. Companies monitor their rates continuously and can submit revised rates if significant changes occur. Unanet clients can monitor their financials for significant changes by tracking the general ledger budgeted information against the actual costs for the year.
Here’s a guide on how to generate provisional billing rates from a general ledger budget in Unanet:
Project Structure and Reporting
Develop a structured project layout in Unanet by configuring the system's projects, tasks, resources, and user roles. Develop a budget at the project level so it can roll up to a company-wide budget for direct costs.
Roll up the reporting so you can see a company-wide total budget for direct costs (as well as revenue, but that is not applicable to this calculation, of course).
Create a General Ledger Budget
Set up a general ledger budget in Unanet that includes revenue and expense accounts related to your projects, plus the anticipated indirect support required. Make sure the budget accurately represents your organization’s financial situation.
Indirect Rate Calculation
Allocate indirect costs from the general ledger budget to the direct job-related costs via the indirect rate calculation in Unanet. Unanet makes indirect cost allocation a breeze based on the general ledger budget by allowing rates to be calculated based on a budget.
Reporting and Analysis
General ledger budgets can be included in financial reports on the reports dashboard to show variance between the expected and actual performance. In addition, there are budget versus actual reports for your indirect rate calculations in Unanet Analytics.
Ensure profitable billing management for your projects by following the outlined steps to develop provisional billing rates from a general ledger budget in Unanet. Redstone GCI can help with your provisional billing rates or Unanet needs.
Unanet Implementation Specialist Renee is an Unanet Implementation Specialist at Redstone Government Consulting, Inc., based in our Huntsville, Alabama office. She holds multiple Unanet certifications, including Implementation Specialist, Accounts Payable User, Accounts Receivable User, GovCon Billing & Revenue User, GovCon General Ledger User, Unanet Administrator, and Unanet Projects. Professional Experience Renee is a highly skilled and experienced professional in the field of accounting, with a strong background in working with private companies and government contractors. With years of experience in various accounting systems and roles, Renee has become an asset to any organization she works with. Renee has played an instrumental role in designing and launching a payroll system and has extensive experience in full-cycle accounting and reporting. She is proficient in data analysis and project management and is skilled in organization and time management. Renee has experience and knowledge in implementing multiple accounting systems, including Unanet, Microsoft Dynamics GP, and Quickbooks, as well as system training experience. She is skilled in General Ledger, Payroll, Cash, Accounts Payable and Accounts Receivable, Data Analysis, Expense Reporting, Inventory Management, Fixed Assets, and Depreciations, and is familiar with FAR, DFARs, GAAP, CAS, and DCAA compliance. In summary, Renee Van Cleve is a highly accomplished and skilled accounting professional with diverse experience and expertise in various industries and is an asset to the Redstone GCI team.