How to Record ICE Submission Adjustments
Recording adjustments to revenue and receivables based on the Incurred Cost Excess (ICE) or Incurred Cost Submission (ICS) final calculated rates.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Unbilled Accounts Receivable - ICE Adjustment | Asset | 15,000.00 | - |
| Contract Revenue - Final Rate True-up | Revenue | - | 15,000.00 |
💡 Accountant's Note
This entry reflects the difference between the provisional billing rates used during the year and the actual indirect rates calculated in the year-end Incurred Cost Submission.
Practitioner & Systems Framework
💻 ERP Architecture
Update the indirect rate tables for the fiscal year to trigger retrospective revenue recognition in the project module.
⚠️ Audit Flags
Significant variances between provisional and final rates in the Schedule I of the ICS.
📄 Required Documentation
Completed Incurred Cost Submission (ICS) and Schedule I (Grand Summary).
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Discussion & Community Questions
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