Billing Systems Oct 17-18

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A contractor’s billing system should provide reasonable assurance that billings applicable to Government contracts are prepared in accordance with applicable laws and regulations, and contract terms; and that material misstatements are prevented, or detected and corrected in a timely manner. Billings on public vouchers, requests for progress payments, contract closing proposals, and related cost statements submitted by contractors do not normally reflect contract costs as recorded in the basic accounting records. Normal reconciling items include both timing differences and permanent differences and special controls and processes must be established to assure that these differences are properly removed from billings on public vouchers and progress payments. Billing requests are subject to both pre-payment and post-payment audit by US Government oversight officials. Failure to submit compliant billings will result in adverse audit findings, disruption of cash flow, disapproved accounting system, and in some cases, allegations of fraud. This course is designed to address the attributes of adequate billing systems and best practices for ensuring that your billings applicable to Government contracts are prepared in accordance with applicable laws and regulations, and contract terms.

Day 1

  • Overview of USG billing environment
    • Risk & vulnerability factors
    • Major critical controls and other business systems related to the billing system
  • Attributes of an adequate billing system
    • System description
    • Written policies and procedures/standard work instructions
    • Oversight and self-governance
    • Training
    • IT general and application controls
    • Identification & segregation of unallowable costs
    • Billing requirement determination for new contracts and modifications
    • Billing approvals
    • Ensuring adequacy and monitoring subcontractors’ accounting and billing systems
    • Comparison of amounts received to billed, follow-up with payer for discrepancies, & immediate remittance of overpayment
  • Cost reimbursable contracts
    • Relevant contractual requirements
    • Billing system process expectations

Day 2

  • Fixed Price Contracts
    • Relevant Contractual Requirements
    • Billing System Process Expectations
  • Time and Materials and Labor Hour Contracts
    • Relevant Contractual Requirements
    • Billing System Process Expectations

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