Government procurement in the United States is the process by which the federal government acquires goods, services (notably construction), and interests in real property. Contracts for government procurement usually involve appropriated funds spent on supplies, services, and interests in real property by and for the use of the Federal Government through purchase or lease, whether the supplies, services, or interests are already in existence or must be created, developed, demonstrated, and evaluated. See 48 C.F.R. § 2.101 ("Acquisition" defined, as to goods and services only). Federal Government contracting has the same legal elements as contracting between private parties: a lawful purpose, competent contracting parties, an offer, an acceptance that complies with the terms of the offer, mutuality of obligation, and consideration. However, Federal contracts are much more heavily regulated, subject to volumes of statutes dealing with Federal contracts and the Federal contracting process, mostly in Titles 10, 31, 40, and 41 of the United States Code.
Government Contracting for Microsoft Dynamics 365 for Finance and Supply Chain Management enables companies to manage compliance and run their government contracting and commercial business on a single ERP platform. Government Contracting helps you ensure the timeliness and integrity of your compliance efforts while reducing their complexity and cost-directly from within Microsoft Dynamics 365 for Finance and Supply Chain Management. For example, the solution saves you time by significantly reducing the steps necessary to accurately allocate indirect costs across project budgets and estimations.
If you can't find the information you are looking for, you can:
You can budget direct and indirect costs at the organizational level.
Annual budgets can apply to either a fiscal year or calendar year. These budgets help to plan for the upcoming year and make the necessary adjustments in cash flow to cover expenses.
Annual budgets help to accurately project their future cash flows and effectively manage money.
The project lifecycle begins and ends in this project process, from winning new business to creating a project. Only the minimal required steps in D365 FO are covered to be able to utilize Government contracting in projects.
Create project contracts |
Create project quotations |
Create projects |
Set up project budgets |
Manage project forecasts |
Create indirect cost allocations |
Create project invoices |
In Government contracting, the month-end processes are:
The year-end process creates the incurred cost report. This gives some of the information that is needed to complete the Incurred Cost in Excel (ICE) file, supporting schedules using cost pool and general ledger account balances.
