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G/L fixed asset accounts

Last post 11-06-2009 10:27 AM by P Byerly. 3 replies.

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10-29-2009 6:49 PM

P Byerly
Joined on 10-29-2009
Posts 3

G/L fixed asset accounts

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I'm curious as to how other companies handle the costs associated with small item fixed assets. Do they go directly to an asset account in the G/L or are they put in a CIP account and moved over to a fixed asset account once all costs are accumulated with an asset? I'd appreciate hearing from folks about what their companies are doing. Thanks!

Filed under: opinion

11-04-2009 8:11 PM In reply to

Anna
Joined on 11-05-2009
Posts 4

Re: G/L fixed asset accounts

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What I do is accumulate the costs in a CIP account then move over to fixed asset account once the construction of the asset is substantially complete and placed into service. Hope that helps...

11-05-2009 2:22 PM In reply to

jaycaturay
Joined on 11-24-2008
Posts 14

Re: G/L fixed asset accounts

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DITTO.

11-06-2009 10:27 AM In reply to

P Byerly
Joined on 10-29-2009
Posts 3

Re: G/L fixed asset accounts

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This does help. Do you also run computers, printers, tools, etc. through a cip account prior to placing them in service?

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