Capitalize CIP assets in bulk—Fixed Assets Management

You can use the import service to capitalize multiple CIP assets at once.

When you finish adding costs to a Construction in Progress (CIP) asset, capitalize it to complete the construction phase.

Capitalizing an asset does the following:

• Creates a journal entry in the Fixed Assets Management journal to move accumulated costs from the CIP GL account to the Asset GL account.

• Changes the asset’s state to Ready for review.

• Prevents additional costs from being added.

• Records the capitalization on the asset's CIP tab and includes a link to the capitalization journal entry.

Before you begin

Verify the following:

• The asset is in the Construction in progress state.
• The asset has a CIP GL account assigned.
• The asset is active.
• The asset has a cost, and the costs on the asset's CIP tab are accurate and complete.

Step 1. Download the template and add data

1. Download the template file.

2. Open the file.

3. Add the IDs of the assets that you want to capitalize.

4. For the State column, enter Ready for review.

5. Enter a Capitalization date for each asset.

   The capitalization date is the posting date of the capitalization journal entry.

   Capitalization date requirements
   

   The capitalization date must meet the following requirements:

   • Be on or after the acquisition date.

   • Be in an open period.

6. Optionally, enter a CIP GL account ID if the asset does not already have one assigned.

7. Save the file.

Step 2. Import the file

1. Go to Company > Setup > Import data.

2. Select New import service.

3. Find the Fixed Assets Management section.

4. Next to Assets, select Update.

5. Upload your file.

6. Verify that the fields are mapped correctly.

   Learn about mapping fields.

7. Select Complete.

8. If there are any errors, review and correct your data.

   Learn about fixing errors in the import service.

9. Select Import.