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Re; Construction in Progress-Norming Asset

Posted By Sage300 over 8 years ago

Hello,

I am a new user to Norming Assets module and just start to use in PPE. My company also several CIPs that need reported monthly.

My question is "May i use Normming Asset in CIP? such as entry as subledge and reporting?

Thanks

Frank

0 Ettienne Schwagele over 8 years ago

Yes or no, it depends.
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0 Sage300 over 8 years ago in reply to Ettienne Schwagele

Thanks for your answer! Could you please give me a scenario that Norming can be used for CIP? Your replay will be much appriciated. Frank
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0 Ettienne Schwagele over 8 years ago in reply to Sage300

You can use it for assets.
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0 Stephen Bagnall over 8 years ago in reply to Sage300

You can use it for assets as work in progress (CIP?) by setting that as the asset status on acquisition. Then it posts the costs to a specified WIP GL other than a standard asset cost. An asset with WIP status is not depreciated. You can add further costs to the asset if required.

Finally you can run a process to convert the asset from WIP to standard. That will move the cost out of WIP and the asset will be included for depreciation.
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Re; Construction in Progress-Norming Asset

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