Real Estate
Transfer of CIP to Fixed Asset (Completion)
Reclassifying the completed building from Construction in Progress to a depreciable Fixed Asset.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Building (Fixed Asset) | Asset (+) | 2,500,000.00 | - |
| Construction in Progress (CIP) | Asset (-) | - | 2,500,000.00 |
💡 Accountant's Note
This is the critical transfer entry made when the building receives its occupancy certificate. Depreciation begins from this date, not from when construction started.
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