ICAT Integration with QuickBooks
ICAT (Indirect Cost Allocation Tool) is a solution that helps businesses in adding indirect cost accounting and reporting to the general ledger to manage government contracts. It enables businesses to easily track trends, monitor contact funding thresholds, and leverage accounting insights to inform business decisions. Managers can track contract status versus contract budgets and financing restrictions, analyze direct and indirect expenses by job, and create labor distribution reports. With the help of ICAT, businesses can expand their current accounting system to manage contract costs and meet DFARS and FAR regulations. In this article, we will explain how to integrate ICAT with QuickBooks.
What Are the Advantages of Integrating ICAT with QuickBooks?
These are the advantages of integrating ICAT with QuickBooks.
- Creates an Indirect Rate Report that displays pool components, base components, and indirect costs allocated to each base component.
- Provides templates for the automatic set-up of indirect cost pools, charts of accounts, and rate computations.
- Includes transaction search feature that allows managers to easily identify any direct cost transaction not assigned to a job.
- Enables managers to easily run fully loaded reports, analyze budgets, and develop provisional billing rates.
How to Integrate ICAT with QuickBooks?
Here are the steps for integrating ICAT with QuickBooks Desktop.
- Download and install the ICAT application on your physical desktop.
- Open your QuickBooks company file using a QuickBooks Administrator account.
- Open the ICAT application.
- A QuickBooks certification window will pop up, select “Yes, whenever this QuickBooks company file is open” and click “Continue.”
- Next, open your company file in QuickBooks.
- Restart the ICAT application.
- An ICAT Product Activation window will appear If ICAT has not been activated for the QuickBooks file you have opened.
- Enter your Activation Key in the Activation Key Box and click “Next.”
- When the product is activated, you will be able to use ICAT with QuickBooks Desktop.
Apps4Rent Can Help with ICAT and QuickBooks Integration
With ICAT and QuickBooks integration, businesses can eliminate manual calculations and reduce risks with more accurate, consistent accounting and reporting capabilities. However, ICAT is compatible with specific versions of Windows. This challenge can be overcome by hosting it on the cloud.
As an Intuit Authorized Hosting Provider, Apps4Rent offers QuickBooks cloud hosting services from top-tier SSAE 16 data centers in New York and New Jersey and can help businesses in integrating ICAT with QuickBooks seamlessly. Contact our QuickBooks virtualization experts available 24/7 via phone, chat, and email for assistance.
