Skip to Content

WIP Element Settement to Asset or Cost Center?

Dear All,

In EPC, BOT and Consulting WIP element is settled to Asset or Cost center if they what to sell the product after build the asset how we have to account in FICO?

Regards,

Swamy

Add a comment
10|10000 characters needed characters exceeded

Assigned Tags

Related questions

1 Answer

  • Posted on Dec 15, 2015 at 08:39 AM

    Hi Swamy,

    If you have to settle the asset and after that you want to sell it. Then the entry will be:

    Customer A/c Dr

    Accu.Dep.A/c Dr

    Asset A/c Cr

    loss/profit on sale of asset A/c Cr/Dr

    Or settle to cost center, then the entry will be:

    Customer A/c Dr

    Exp.A/c Cr with CC

    Regards,

    Mukthar

    Add a comment
    10|10000 characters needed characters exceeded

Before answering

You should only submit an answer when you are proposing a solution to the poster's problem. If you want the poster to clarify the question or provide more information, please leave a comment instead, requesting additional details. When answering, please include specifics, such as step-by-step instructions, context for the solution, and links to useful resources. Also, please make sure that you answer complies with our Rules of Engagement.
You must be Logged in to submit an answer.

Up to 10 attachments (including images) can be used with a maximum of 1.0 MB each and 10.5 MB total.