Our company constructing its own buildings and we would like to follow CWIP concept till the construction is over.
The components of these buildings are mainly items we buy such as (Steal, cement, etc)
Our concern is the sequence of the process to be followed, Purchase Invoice, and Creating the assets for the building?
Secondly, how is a purchase invoice is linked to the associated fixed asset?
Last, once the CWIP/Project is completed, by which step we can capitalize the asset cost under CWIP account to Fixed Asset account?