Case: The balance recorded in the Work in Progress GL account from the received invoice must be transferred to Fixed Assets cost, which will then be subject to depreciation.
Solution: Create a Work in Progress adjustment document and record a capital improvement entry to Fixed Assets, followed by depreciation using Month end closing document.
As of now, invoice received is created in the base where the expense is added with GL work in progress. Work in Progress (WIP) in Fixed Assets refers to the costs associated with acquiring or constructing a fixed asset that is not yet completed. This can include expenses like materials, labor, and overheads. Until the asset is finished and ready for use, these costs are recorded as WIP. Once the asset is complete, the WIP costs are transferred to the Fixed Assets account and depreciated over its useful life.
