When will a CIP asset start depreciating

Owned by Knowledge Assistant
Jul 26, 2021
1 min read
Description of Issue

When will a CIP asset start depreciating?

Context

Fixed/Capital Assets

Cause


Resolution
  • Depreciation will start from the first year and period defined on the asset once the status of the asset has changed to Active.  That information defaults in upon asset creation based on acquisition date.
  • When a CIP asset is converted, the first year and period should be updated so that depreciation starts from the project completion date instead of the asset acquisition date.
Additional Information