How to Record GFM Excessing Labor
Captures the labor hours spent identifying, cataloging, and preparing Government Furnished Material (GFM) for the official excessing/disposal process.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Direct Labor - Contract Closeout/GFM | Expense | 3,200.00 | - |
| Accrued Payroll | Liability | - | 3,200.00 |
💡 Accountant's Note
Labor for GFM disposition is an allowable direct cost during contract closeout or when GFM is no longer required for performance, as per FAR 45.
Practitioner & Systems Framework
💻 ERP Architecture
Assign a specific labor category or task code for 'Property Management - Excessing' to track these costs for audit.
⚠️ Audit Flags
Excessive labor hours relative to the volume of property being excessed.
📄 Required Documentation
Plant Clearance Automated Reutilization Screening System (PCARSS) entries and labor timesheets with activity descriptions.
Automate this entry with the JEH Accounting Suite
Stop doing manual entry. Our VBA-powered ERP automatically generates your ledgers, Trial Balance, and Financial Statements.
No Subscriptions. Own your data.
Expert Analysis by Qusai Ahmad
General Accountant Supervisor & IFRS Specialist
Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.
Related Journal Entries
Defense, Aerospace & Government Contracting
Cost-Plus-Fixed-Fee (CPFF) Contract — Revenue Recognition as Costs Are Incurred
Defense, Aerospace & Government Contracting
Firm Fixed-Price (FFP) Contract — Cost-to-Cost Percentage of Completion Revenue
Defense, Aerospace & Government Contracting
Time & Materials (T&M) Contract — Revenue at Contractual Labor Rates Plus Material Cost
Discussion & Community Questions
Loading comments...