Maintaining a Phase I Accounting System in Accordance with FAR Part 31
New SBIR/STTR Phase I contract and grant awardees are required to set up and maintain a FAR Part 31 compliant accounting system.
While the likelihood of a government audit during Phase 1 is rare, demonstrating a properly functioning accounting system and being able to produce the two critical reports discussed below are typically required to obtain Phase II funding, and are essential to negotiate an indirect cost rate at Phase II.
This kit is intended for newer contractors and grantees interested in demonstrating to a contracting officer or grant specialist that they are taking their responsibility to safeguard their funding seriously.
This kit is not intended for sale to Phase II recipients as the accounting system requirements are much greater.
Curriculum Preview
Introduction
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Initial Set Up of Your QuickBooks Online Accounts
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Ongoing Monthly Maintenance of Your Accounting System
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Running Your Two Key Reports
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Next Steps
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