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Investment Project Transfer into Fixed Asset

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Posted on by sk.patchai

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Hi Expert,

I just want to understand the financial transactions when the investment project transferred into Fixed Asset. As per my understanding, If the investment project transferred into fixed Asset it would transfer the WIP account to Fixed asset control account(Balance sheet account)

It does not show up the WIP account

Fixed Asset - Transferred from project to FA and Eliminate estimate processing

it was throwing an error - Please help with accounting entries with the configuration.

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André Arnaud de Cal... 301,130 Super User 2025 Season 2 on at

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Hi Senthil,

Can you tell what exact transactions were posted? Did you enable the option 'Capitalize costs' on the line property? Do you also have a project forecast created?

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saurabh bharti 15,039 Moderator on at

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Looks like you have costs which are not estimated for elimination, can you check that?

In general , it will Credit to account where all the costs are accumulated.

Please share voucher transactions for this

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sk.patchai 200 on at

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We booked hour and expense journals. Project Categories we tagged the GL accounts and only booking the cost and want to transfer to FA. I would be much grateful if you share the accounting effect and setup hierarchy

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André Arnaud de Cal... 301,130 Super User 2025 Season 2 on at

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Hi Senthil,

Can you please answer all the questions I asked above?

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sk.patchai 200 on at

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Hi André Arnaud de Calavon,

I have posted Hours and Expenses Transactions alone.

Capitalized cost enabled in line property

Forecast model also in place.

Fixed Asset ID Manually created but I do not find any thing in the WIP and also elimination not working to transfer into FA.

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MarkB45 755 on at

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Hi Senthil,

The initial posting should go to the GL under a "Project WIP Cost" posting type or a "Project Cost" posting type as a debit with the offset credit going to the account specified in ledger posting set up for the "payroll allocation" posting type for hours or the offset account spcified in the expense journal for the expenses.

Then on elimination the WIP balances are revesered out as credits and posted to the FA Acquisition accounts as a single debit.

Can you please check the posting of the hour and expense transactions and see what posting types they have, also please check the ledger dates of the transactions.

The estimate is running for all transactions in January (estimate date = 31/01/2022), however if you have posted the Hours and Expenses in Feb it won't let you eliminiate as those transactions will not have been included in the estimation.

Hope that helps

KR

Mark

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