Step 3: CLIN Setup and Contract Funding (preview)
Meets the following DCAA Requirement:
- Limitation of Costs or Limitation of Payments
- Reliable data for use in pricing follow-on acquisitions
synopsis
Federal contracts are typically funded at the contract line item (CLIN) level. A CLIN is a line in your contract, typically found in Schedule B, which lists the services and products to be delivered, with a price or ceiling which cannot be exceeded. When billing the federal government, it is important to not bill in excess of funding. Your DCAA auditor will want to ensure that you have a system in place to prevent overbilling.
ENTERING CONTRACT FUNDING
Step 1: To enter your contract funding into Quickbooks, you'll need to ensure that the "Estimates" feature is enabled in Quickbooks. To enable "Estimates", navigate to the Preferences screen and then select "Job & Estimates" and select "Yes" in the box "Do you create estimates".
