Dynamics GP Fixed Assets Construction in Progress

Posted by Mike Gordon, CPA, MCP on April 20, 2016

Have you ever had assets that you want to leave in the Purchase Clearing Account because it is Construction in Progress (CIP)? CIP are long term assets with multiple invoices that need to be accumulated. In Dynamics GP you can do this by adding an additional Purchase Posting Account for CIP in addition to the regular purchase posting account.

Use the CIP Account whenever entering an invoice related to CIP.  You will accumulate these until the asset is ready to be placed in service.

When you want to place the asset in service, create the asset general information record assigning the asset a number and suffix ID. Click on the Purchase Button at the top of the General information window.  Select all the invoices you want associated with this asset.

Note the primary asset with the second check box as above.  

Select an Asset Class and Account Group. Add any other General Information needed. The Account Group will have the asset cost account. Once completed, create the Asset Book Record.

For more information or assistance tracking Construction in Progress assets, contact our support team at Support@Crestwood.com.

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