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NetSuite Admin Tips: Tracking the Construction in Progress (CIP) in Fixed Asset Management

edited Mar 27, 2024 3:41PM in NetSuite Admin Corner 3 comments

A manufacturing company may be in need to track Capitalized Interest on each asset during the build of an asset and then once the asset is built and delivered to a customer the company can then accrue interest to the cost of the asset.

NetSuite does not have a process specific to a Construction in Progress as of now. We have created the following Enhancement requests:

  • 285015 Support Construction In Progress (CIP) for Fixed Assets Management
  • 253818 Fixed Assets > Transactions > Please provide the ability to create Fixed Asset records that passes through Work In Process (WIP) account

However, there is a workaround that involves creating a new Asset Type and performing an Asset Transfer. Here are the steps:

Katerina Winklerova

Basic Accounting/ OTC/PTP Guru

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