Items in GovBooks refers to products or services that are sold to the federal government. Items will appear on customer invoices as individual line items and the corresponding item will appear on vendor transactions and GovBooks timesheets. Items allow you to associate the cost of the item with the amount billed to your customer for the item and therefore the profitability of an item can be evaluated. On cost reimbursable type contracts, items allow you to ensure that the amount billed equals the cost of the item, before any application of indirect rates and fee.
GovBooks Items can be classified in two manners; Labor Category or Other Direct Costs (ODCs). Labor Categories can be associated with a required Bill Rate in the Item Assignment screen by the hour, day, week or month at the project level. Other Direct Costs (ODCs) can be associated with a Bill Rate as an option.
Items can be associated with a QuickBooks Item on the Item Setup screen. This feature is optional but if you are using Items in QuickBooks, associating it with a GovBooks Item will allow GovBooks to automatically code these transactions to the appropriate GovBooks Items.
In GovBooks, Items are set up on a global basis, meaning they can be used by more than one Project. Then, in the Item Assignment screen, the GovBooks Item can be associated with one or more GovBooks Project with project-specific parameters such as Bill Rate, Status, and Start and End Date. You will be able to run global reports as well as project-specific reports on GovBooks Items.