Capital Projects- No Fixed Assets but capture cost related to CIP, Asset placed in service and depre

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Can someone share experience of using Oracle projects without Fixed assets. We have a requirement of :-

1. Capitalizing the CIP cost and then moving the cost to asset a/c from CIP a/c once the asset is placed in service
2. We would want to capture information of retirement, CIP, salvage at the transaction level. But none of this information is stored in chart of accounts or expenditure type or natural accounts. I was thinking of using tasks to tag the cost but this cost needs to be roll forward to beginning balance of the year in GL. Can someone share experience of how they have captured such costs related to capital projects