How to Record GFM Obsolescence Review Labor
Records the direct or indirect labor costs associated with performing technical reviews of Government Furnished Material to determine obsolescence status.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Direct Labor - GFM Management | Asset/Expense | 1,250.00 | - |
| Accrued Payroll | Liability | - | 1,250.00 |
💡 Accountant's Note
Labor costs for reviewing GFM for technical obsolescence are recorded as part of contract-specific material management labor, provided the contract allows for GFM maintenance tasks.
Practitioner & Systems Framework
💻 ERP Architecture
Ensure labor is coded to the specific GFM management work breakdown structure (WBS) element.
⚠️ Audit Flags
Excessive labor hours relative to the volume of GFM items on the property register.
📄 Required Documentation
Timecards with specific GFM project codes and an obsolescence report signed by the property manager.
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