Closing out a GSA contract can feel overwhelming, but it boils down to four key steps:

1. Review the contract terms: Ensure all deliverables, payments, and obligations are complete.
2. Reconcile finances: Submit final invoices, resolve discrepancies, and confirm all payments.
3. Manage government property: Account for, return, or dispose of any government-furnished items.
4. Organize documentation: Collect and submit performance reports, closeout forms, and property clearance certificates.

Why it matters: A proper closeout ensures compliance, protects your business from liabilities, and keeps you eligible for future federal contracts. Follow the detailed checklist to simplify the process, or seek expert help if needed.

Getting Ready for Closeout

Contract Terms Review

Start by carefully reviewing your GSA contract’s terms and conditions. Pay close attention to these critical areas:

• Performance period end date: Confirm the contract’s completion date, including any option periods.
• Delivery requirements: Check all deliverables and their acceptance criteria.
• Payment terms: Understand the process for final billing and payment schedules.
• Warranty obligations: Identify any post-completion warranty or maintenance commitments.

Once you’ve reviewed the terms, organize a dedicated closeout folder to gather all the necessary documents in one place.

Required Documents

Make sure to collect these key documents:

Deliverables Check

Confirm that all contract deliverables are completed and accounted for:

1. Physical Items

Go through inventory records to ensure all physical items have been delivered and accepted. Address any discrepancies or outstanding items.

2. Services

Verify that all contracted services are completed by reviewing:

• Government acceptance documentation
• Milestone completion reports
• Final inspection records
• Service completion certificates

3. Documentation

Ensure the submission and approval of all required documents, such as:

• Technical manuals
• Training materials
• Warranty certificates
• Test reports
• Configuration documentation

Money Matters

Payment Review

It’s crucial to verify all payment records thoroughly. Here’s what to check:

• Invoice reconciliation: Ensure each invoice matches the corresponding payment records.
• Contract modifications: Confirm payments reflect all approved changes to the contract.
• Payment schedules: Verify that milestone payments have been processed as planned.
• Retention amounts: Check if any withheld payments are ready to be released.

To keep everything organized, create a detailed payment tracking sheet, like this:

Once your review is complete, move on to address any discrepancies.

Fixing Payment Issues

If you find discrepancies, here’s how to resolve them:

1. Gather Documentation

Collect all relevant records, such as invoices, payment confirmations, and modification approvals.

2. Resolve Discrepancies

Work directly with your contracting officer to address issues:

• Provide supporting documents for disputed amounts.
• Request a formal review of payment records.
• Schedule reconciliation meetings if necessary.

3. Process Adjustments

• Submit updated invoices with clear explanations for changes.
• Keep records of all communications and timelines for resolving issues.
• Obtain written confirmation once the discrepancies are resolved.

Once everything is sorted, you’re ready to finalize billing.

Final Billing

After resolving all payment issues, follow these steps to close out billing:

1. Double-check outstanding items, such as:
   • Deliverables
   • Change orders
   • Retention amounts
   • Final adjustments
2. Prepare closing documents, including:
   • A final invoice clearly labeled "FINAL"
   • Release of claims form
   • Property clearance certificates
   • Subcontractor payment verifications
3. Submit the final package:
   • Send all documentation to the contracting officer.
   • Keep copies of everything submitted.
   • Confirm receipt of the package.
   • Follow up within 30 days if you don’t hear back.

This process ensures all payments are accounted for and the project is officially closed.

Paperwork Requirements

Performance Review

Make sure all performance-related documents align with your contract’s requirements. Gather records covering deliverables, timelines, and cost management to meet evaluation standards. Check your contract for specific details on what documentation is needed during the closeout process. Additionally, review subcontractor compliance to finalize the necessary paperwork.

Subcontractor Status

Ensure all subcontractor responsibilities are completed before wrapping up the closeout. This includes verifying final invoices, obtaining completion certificates, and securing clearance forms. Address any unresolved issues to confirm all subcontractor work is accounted for.

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Government Property

Property Sign-off

Prepare a detailed property closeout package for approval by the government property administrator. This package should include:

• Final inventory records: A complete and accurate list of all property.
• Disposition documentation: Evidence of how each item was handled or reassigned.
• Maintenance history: Records of upkeep and repairs for each asset.
• Transfer receipts: Proof of property transfers, if applicable.
• Disposal certificates: Documentation for items that were disposed of.

Work closely with the property administrator to address any follow-up questions quickly. Keep a record of all communications and ensure signed release forms are properly documented. Once approval is obtained, securely file the finalized records.

Webinar: Getting a Handle on Contract Closeouts

Records and Filing

The last step in closing out a GSA contract is organizing and securing all records. This ensures compliance and lays the groundwork for future contracts.

Completion Report

Compile a report that includes:

• Contract identification details
• Summary of completed deliverables
• Financial reconciliation status
• Property disposition summary
• Any unresolved issues
• Signed certifications from all involved parties

Keep detailed notes throughout the contract, such as dates, actions, and milestones. This will make creating the report much easier.

Final Review

Conduct a detailed review to confirm all closeout steps are complete:

1. Documentation Check: Ensure all forms and certificates are signed and dated correctly.
2. Financial Reconciliation: Verify all payments have been processed and recorded accurately.
3. Property Status: Confirm all property disposition records are finalized.
4. Compliance Verification: Double-check adherence to all regulatory requirements.

Once these steps are completed, you can finalize and secure your records.

"We guarantee your success with the GSA Program, or you don’t pay a cent." – GSA Focus

File Storage

Organize both digital and physical documents into clearly labeled folders. Categories might include contract documents, financial records, correspondence, property documentation, and completion certificates. Always create backup copies and store them in separate, secure locations.

Follow federal regulations for record retention. Proper storage prevents compliance issues that could delay future opportunities.

Wrap-up

Main Points

Closing out a GSA contract requires careful attention to documentation and accountability. Here are the key steps to ensure a smooth process:

• Contract Review: Confirm all deliverables and record any changes made during the contract term.
• Financial Reconciliation: Ensure all payments are processed and accounts are balanced. With the federal contracting market generating $160 million daily, accurate financial closure is critical.
• Property Management: Conduct thorough inventory checks and secure sign-off for both government-furnished and contractor-acquired property.

If this feels overwhelming, professional help can simplify the process.

Getting Help

GSA contract closeouts can be challenging. Only 4% of small businesses on GSA Schedules secure the expert support needed to manage them effectively. GSA Focus provides contract management services to help ensure compliance and proper documentation during the closeout phase.

As Josh Ladick, President and Founder of GSA Focus, explains:

"We guarantee your success with the GSA Program, or you don’t pay a cent."

Professional assistance is especially helpful for tasks like:

• Preparing detailed documentation
• Balancing financial accounts
• Handling property disposition
• Verifying compliance

Small businesses that successfully navigate the GSA program often see an average of $927,000 in steady revenue added to their bottom line. With expert guidance, you can meet all closeout requirements while staying focused on growing your business.

Related posts

• GSA Proposal Formatting Checklist
• How to Manage GSA Contract Performance
• GSA Post-Award Checklist for Contractors
• Checklist for Substantive GSA Contract Modifications