Part 2 of contract managment for Option Year contracts.

 

 

How it Works:

The option year funding features utilize a hierarchy as illustrated below.  Each project can have an unlimited number of option year records under it.  Under each option year there can be an unlimited number of contract mod’s that specify employee labor assignments and other direct costs (ODC’s).  You simply add a new option year record under a project, and then add a mod to it.  The mod will contain a list of employees and odc’s.  Take these values directly from your contract document and enter them here.  After entering all these items, your “Hours funded” should match the contract.  Then as employees enter hours into the timesheet, the “Hours used” will sum up those values.  You’ll have running totals of hours and labor amounts available at all times.

The Contract Management Hierarchy:

1. Option Year

                1.1 Contract Mod

                                1.1.1 Employee Labor Assignments

                                1.1.2 Other Direct Costs

There are two benefits to creating this contract management hierarchy under each project.  1) You are fully documenting your option year funding contract so you can refer to it later, run reports on it, and use it for financial strategy.  All the executives and managers will have online access to it. 2) You are setting up employee rates that can be automatically selected by the program when hours are entered into the timesheet.  All these values are rolled up to the contract mod, option year, and project levels.  Everything is available at a glance, automatically.  You do nothing but copy from your contract to the program.

The properties for these contract management objects are listed below.

 

Option Year Properties

Name

Any name you like.  Usually OY1, 2, 3, or Option Year 1, 2, 3, etc.

Description

Any documentation you want to enter

Point of Contact

The person handling this contract

PO

Purchase order the contract is under

Sub-contract

The sub-contract number from the actual document

Prime contract

The prime contract number

Awarded

The date this contract was awarded

Text 1, 2, 3

Any additional information you need to remember

 

Contract Mod Properties

Name

Any name you like.  Usually MOD 1, 2, 3, etc.

Description

Describe the effect this mod has on the contract

Received

When you received this contract

Effective

When this mod goes into effect.  Click the “Active” checkbox on this date to activate the mod.

Signed by company

When the contract was signed by your company

Countersigned by client

When the contract was countersigned

Active

The “Active MOD” is the one you are operating under now.  It is in effect now.  Green checks show up in the hierarchy at the left.

Period of performance

The dates the mod is under effect

Attachments

Attach a copy of your contract

Text 1, 2, 3

Any additional information you need to remember

 

Employee Labor Assignments

Employee

Name of the employee who will enter timesheet hours

Period of performance

Dates that the labor rates apply

Labor rate

Rate of charge for hourly work.  These are only active during the period of performance.

Hours funded

Number of hours funded on this mod for this employee

Hours used

Hours entered into the timesheet for this period of performance

Hours remaining

Funded minus used

Labor funded

Labor rate times funded hours

Labor used

Taken from the timesheet

Labor remaining

Funded minus used

 

Other Direct Costs

Name

Name of the ODC

Description

Employee, reason, date, etc.

Amount

Rolls up to the mod, option year, and project level

 

After setting up this system you can sit back and let employees enter hours into the timesheet.  Those hours will automatically total up at the various contract levels or quick access.  You’ll also automatically get labor rates for every time log on the timesheet.  If you happen to change a time log so that it falls into a different period of performance, the new rate will automatically apply.  There is nothing else to do!

Also see: Video: Contract Management, Part 1, Video: Contract Management, Part 3, Video: DCAA Compliant Timesheet for Employee Hours

 

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