How to Record GFM Storage Fees
Accounting for third-party warehousing costs incurred for storing Government Furnished Material (GFM) that exceeds internal facility capacity.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Other Direct Costs - Storage | Expense | 3,200.00 | - |
| Accounts Payable | Liability | - | 3,200.00 |
💡 Accountant's Note
Storage fees for GFM are generally allowable as a direct cost to the contract if the storage is specifically required for contract performance and is not already covered in overhead.
Practitioner & Systems Framework
💻 ERP Architecture
Charge costs directly to the project number associated with the GFM.
⚠️ Audit Flags
Storage costs for idle or excess property that should have been disposed of under FAR 45.6.
📄 Required Documentation
Storage contract, GFM inventory records, and Contracting Officer's authorization if storage wasn't in the original bid.
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Discussion & Community Questions
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