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Hi
How we can manage Construction in Progress in BC for fix asset? Let say we prepay for one item then pay in full when we receive the item but pre-payment still part of asset? Or software development that done in phases? How we can manage this for fix asset?
Thanks
Please read the budget fixed asset
docs.microsoft.com/.../fa-how-manage-budgets
You can set up budgeted fixed assets. For example, this lets you include anticipated acquisitions and sales in reports.
also please read
Do you want to know how to prepare a budgeted income statement, including details of future asset investments? This module demonstrates how to create budgeted assets and calculate future depreciations and disposals.
There should not be any difference in assigning a prepayment invoice to your fixed asset compared to a ordinary invoice.
So as long as the prepayment invoice amount should be a part of the fixed assets value and included in the bases of depreciation you can post it like any other fixed asset invoice.
If you are not invoiced for your prepayment you will have to use a journal to post it manually
Debet your asset and credit your prepayment vendor account or G/L account.
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