Major Costpoint ICS Schedules
The exact schedules applicable to a contractor depend on its organization, contract portfolio, accounting structure, and submission requirements. Common schedule areas include indirect cost pools and allocation bases, direct costs by contract, cumulative costs and billings, subcontract information, and reconciliation schedules.
- Indirect cost schedules: Present pools, allocation bases, and calculated indirect rates such as fringe, overhead, and G&A.
- Contract cost schedules: Organize direct and indirect costs by contract or other applicable cost objective.
- Billing schedules: Compare contract costs, billings, and related amounts for the fiscal year.
- Supplemental schedules: Provide detailed information supporting the amounts reported in the primary schedules.
Each schedule should trace back to reliable accounting records and use the same cost classifications and allocation methodology applied throughout the contractor's accounting system.
Cost Pools, Bases, and Indirect Rates
A central purpose of ICS schedules is to show how indirect costs are accumulated and allocated. A contractor may maintain separate pools for fringe, overhead, and general and administrative expenses, with an allocation base selected for each pool.
The basic calculation is:
Indirect Cost Rate = Indirect Cost Pool ÷ Allocation Base × 100
For example, if an overhead pool contains $900,000 and the applicable allocation base is $4,500,000, the overhead rate is:
$900,000 ÷ $4,500,000 × 100 = 20%
ICS schedules use these calculations to show how actual fiscal-year costs translate into final indirect rates. The schedules should agree with the underlying general ledger and supporting accounting records.
Costpoint Data and GL Coding
Accurate source data is essential because ICS schedules are ultimately populated from accounting and project information. The chart of accounts supports invoice capture, extraction, validation, matching, GL coding, approval, and posting, helping ensure transactions flow into the appropriate accounts and cost classifications with consistent accuracy.
Invoice data should also retain sufficient information to determine whether an expense belongs in a direct cost objective or an indirect cost pool. Consistent coding across vendors, projects, organizations, and cost centers makes subsequent schedule preparation and reconciliation more reliable.
Invoice-related workflows can further support the preparation process. Effective invoice processing can capture invoice information, validate fields, perform matching, apply GL coding, route approvals, and support accurate posting before transactions become part of the fiscal-year population used for ICS schedules.
Reconciliation and Supporting Schedules
ICS schedules should be reconciled to the accounting system before the submission is finalized. Finance teams commonly compare total costs in the schedules with the general ledger, review direct and indirect classifications, validate allocation bases, and investigate differences between billed and recorded amounts.
Rollforward Schedules help finance teams track how balances move from one reporting period to another, providing continuity when beginning balances, current-year activity, adjustments, and ending balances need to be reconciled.
Supporting Schedules provide detailed evidence behind summarized amounts reported in financial statements, cost schedules, or other submissions. They can include transaction-level details, reconciliations, calculations, and other documentation that helps reviewers trace reported figures back to source records.
ERP Integration and Costpoint Workflows
Costpoint ICS preparation depends on consistent integration between project accounting, general ledger, billing, procurement, and other finance workflows. Organizations evaluating deltek and related ERP environments should consider how accounting dimensions, project structures, master data, and finance workflows are maintained across the system landscape.
When Costpoint information is extended with finance automation, customer receipts can also be connected to the submission-period accounting records. cash application workflows can match customer payments and remittances, resolve unapplied cash and deductions, and support accurate receipt posting, improving the completeness of related financial data.
Automation can also support accrual information that feeds period-end accounting. Cut Off Date Accruals uses configurable daily, weekly, and month-end close schedules to automate accrual processes accurately, helping finance teams capture expenses in the appropriate reporting period.
Related Schedule Documentation
ICS schedules should be supported by documentation that explains the source, calculation, and purpose of each reported amount. This documentation is particularly important when a reviewer needs to trace an indirect rate from its pool and allocation base back to individual accounting records.
Some supporting schedules may also intersect with other finance reporting requirements. Tax Return Schedules organize supplemental information used with tax filings, but they serve a different reporting purpose from incurred cost schedules. Keeping the purpose and accounting treatment of each schedule distinct helps maintain accurate financial reporting.
Best Practices for Costpoint ICS Schedules
Finance teams can improve the quality and consistency of ICS schedules by establishing a repeatable preparation and review process. The most important practices focus on data integrity, reconciliation, documentation, and timely review.
- Reconcile schedule totals to the general ledger and applicable Costpoint project records.
- Document each indirect cost pool, allocation base, and rate calculation.
- Maintain transaction-level support for material direct and indirect cost amounts.
- Review adjustments and reclassifications before finalizing the schedules.
- Preserve a clear connection between reported amounts and their underlying source records.
Summary
Costpoint ICS Schedules organize the financial information needed to support an incurred cost submission, including indirect cost pools, allocation bases, contract costs, billing information, reconciliations, and supporting details. Reliable Costpoint data, accurate GL coding, consistent allocation methods, and documented supporting schedules help contractors prepare a traceable submission that aligns reported amounts with their underlying accounting records.