Creating capital WIP

This page allows you to create the capital WIP. Tell me more.

Select the “Create Capital WIP” link at the bottom of the “Select Document Details” page.

The “Create Capital WIP” page appears.

Note: If the WIP assets are created based on the invoice, then the system retrieves all the document details in this page.

You can also directly come to this page without selecting any document and create the WIP asset.

The system displays the following in the “Document Information” group box:

Document No.	The unique number for the capital work order generated by the system on creation of the capital WIP asset. This number is generated based on the numbering type specified.
Status	The status of the WIP asset which could be “Fresh” or “Active”.
	Fresh – indicates a newly created WIP asset. Only the assets in “Fresh” status can be modified.
	Active – indicates a WIP asset that has been authorized. The accounting entries are posted after authorization. The assets can be authorized in the “Authorize Capital WIP” activity of this business component.

Enter the following fields:

Transaction Date	The date on which the work in progress asset is created (Date Format). Mandatory. The date must be within an open financial year.
Finance Book	Use the drop-down list box to select the code identifying the finance book to which the accounting entries are to be posted. The system lists the finance book mapped to the organization unit. The finance book must have been defined in the “Create Finance Book” activity of the “Organization Set Up” business component.
Numbering Type	Use the drop-down list box to select the numbering type for the login organization unit and the “Asset Capitalization” transaction type. The numbering types must have already been defined in the “Create Numbering Class” activity of the “Document Numbering Class” business component and must be in “Active” status. The system displays the first value by default on launch of the page.

Enter the following fields in the “Capital Work Order Information” group box:

Capital Work Order No.	A unique number identifying the capital work order (Alphanumeric, 18). Mandatory.
Description	The description pertaining to the capital work order (Alphanumeric, 40). Mandatory.
Asset Location Code	The code identifying the asset location in which the assets will be physically located (Alphanumeric, 20). The asset location must have been defined in the “Create Asset Location” activity of the “Asset Location” business component.
	Help facility available.

Enter the following fields in the “Capital WIP Information” multiline:

Note: All the fields in the multiline will be retrieved, if the document is being selected for WIP asset. The fields cannot be modified.

If the capital WIP is created without any document reference, then all the fields in the multiline must be entered.

Document Type	The document type (Alphanumeric, 40).
Document Date	The date on which the documents are raised (Date Format). Mandatory.
Document No.	The number identifying the document (Alphanumeric, 18). Mandatory.
Supplier Name	The name of the supplier who raised the document (Alphanumeric, 40). Mandatory.
Capital WIP Cost	The cost of the capital WIP asset (Decimal). Mandatory.
Asset Class Code	Use the drop-down list box to select the code identifying the asset class. The asset class must have been defined in the “Create Asset Class” activity of the “Asset Type Definition” business component.

Note: If this business component is mapped to the “Asset Planning” business component then, the system defaults the asset class defined for the asset proposal.

Click the “Create Capital WIP” pushbutton to create the WIP asset.
The system updates the status of the capital WIP to “Fresh”.
The system generates a unique document number based on the numbering type selected.
The system also updates the pending capitalization amount.

Account posting

The system debits the Capital WIP account and credits the CWIP account with capital WIP cost.

To proceed, carry out the following

Select the “Accounting Information” link at the bottom of the page to view the posting details of the WIP Capitalization.
Select the “Attach Notes” link at the bottom of the page to record observations.

Creating capital WIP – An overview

The capital WIP created can be later taken up for capitalization in the “Create Complex Asset” business component. You can specify the date on which the capital WIP was created, the finance book and the numbering type based on which the document number for the capital WIP is generated by the system. You can provide a unique number for the capital work order, its description and the location code. This page also allows you to capture the document details if the capital WIP is created without any document reference. Otherwise the system defaults all the document details in this page.

The system generates a unique document number for the creation of the capital WIP. The system updates the status of the WIP asset to “Fresh”.

Prerequisites

“Finance Book” must have been defined in the “Organization Set Up” business component.
“Numbering Type” must have been defined in the “Document Numbering Class” business component.
“Supplier Code” must have been defined in the “Supplier” business component.
“Asset Class” must have been defined in the “Asset Type Definition” business component.
If WIP assets are created based on documents, then this business component must have been mapped to the corresponding invoicing business component.
“Proposal No.” must have been defined in the “Asset Planning” business component.
Posting accounts must have been defined in the “Account Rule Definition” business component.