How to Record Government Property Loss
Accounting for the loss, damage, or destruction of Government-Furnished Property (GFP).
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Unallowable Loss - Gov Property | Expense | 1,500.00 | - |
| Inventory Clearing - GFP | Asset | - | 1,500.00 |
💡 Accountant's Note
Under FAR 45.105, contractors may be held liable for loss of GFP. Unless the contract provides relief of responsibility, these losses are typically unallowable and must be recorded in an unallowable account.
Practitioner & Systems Framework
💻 ERP Architecture
Use a non-billable project task for tracking property loss incidents.
⚠️ Audit Flags
Differences between the Property Management System records and the financial ledger.
📄 Required Documentation
Property Loss Report (submitted via PIEE/PCARSS) and DCMA Contracting Officer determination.
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Discussion & Community Questions
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