Construction in Progress Archives

2 Dec 2020

Accounting Rules on Construction in Progress (CIP) Account

[ad_1] Question: Good morning. May tanong po ako regarding Construction in-progress (CIP) account. Ano pong documentary requirements ang kailangan to support transfer of CIP to appropriate asset account? Yung long outstanding CIP account (dormant or non-moving balances) pwde po ba syang irequest for write-off? And last po, pwde po ba kayo mag share ng LGU best practice para maiwasan yung paglobo ng CIP Account or ma address yung dormant CIP account? Thanks po. Answers | Comments [ad_2] More forums concerning CIP: https://gabotaf.com/search_gcse/?q=Cip Post Views: 1,014

6 Sep 2019

Kailan dapat i-reclassify into proper PPE account ang Construction in Progress (CIP) account?

Question: Hi Gabbies! Ask ko lang po kung kelan po ba dapat magtransfer ng Construction in Progress- Building to PPE? Is it on the date of certificate of completion or final acceptance of the entity? Pa-share namn po ng guidelines kung san ko po pwedeng makita. Thank you po! Here are some of the answers of our colleagues on this question : Completion Date. However in actual transactions, completion date and final payment date may have a gap such that at the Time of Completion, Accounting cannot transfer CIP to PPE yet as Cost is still incomplete pending disbursement of...