Construction Work-in-Progress is a The construction-in-progress functionality lets us accumulate expenses over time before they are recorded as fixed assets. For example, during construction, costs are collected, and then, once completed, these expenses are capitalized and recorded as fixed assets. This non-current asset account in which the costs of constructing long-term, fixed assets are recorded. The costs associated with CIP are capitalized and recognized as assets on the balance sheet until the construction project is completed.
Depreciation will begin after the asset is put into service.
New GL are available in chart of account under Non tracks construction costs, which are capitalized until the project is finished, with depreciation starting once the asset is in use.
New GL is available in the chart of accounts under Non-current asset > Property, Plant, and Equipment. Available in the version above 2.1.1.19
The GL accounts can added in to the default chart of accounts of Fixed assetassets.
The ability to work with these accounts was added to documents that are used for expense recognition: Invoice Received (the Expenses tab), Employee Expense Report (the Expenses tab), Loan Agreement, Processing of Current Loans, Inventory Write Off, Bank Payment, Cash Payment, Cheque Issued, and Other Expenses.
Let's create an example with this functionality-
Create a new invoice received document