Real Estate
Architect & Engineering Fees (CIP)
Capitalizing design and engineering consultancy fees into the construction project cost.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Construction in Progress (CIP) | Asset (+) | 50,000.00 | - |
| Accounts Payable (Consultant) | Liability (+) | - | 50,000.00 |
💡 Accountant's Note
Professional fees directly related to a construction project are capitalized as part of the project cost, not expensed. They form part of the total cost of the completed building.
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