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under2 years contract and pays its payment as per the completion of each section? make necessary entries from the beginning to the end?
The costs of a constructed asset are accumulated in the account Construction Work-in-Progress until the asset is placed into service. When the asset is completed and placed into service, the account Construction Work-in-Progress will be credited for the accumulated costs of the asset and will be debited to the appropriate Property, Plant and Equipment account.
You have to make an account temporarily named as construction in progress, if there are many buildings in progress you can make different accounts like construction in progress building A, B, C etc etc. When the building is ready to use then transfer all the relevant cost to the concern account like property, plant and equipment (Fixed Asset). After completion and you are using that building then any expense after that will be considered as maintenance expense.
CREATE BUILDING NAME UNDER WORK IN PROGRESS A/C AND ESPECIALLY CREATE EXPENSES WISE ANALYSIS CODES THIS IS EASY FOR GENERATE REPORT FOR HOW MUCH EXPENSES INCURRED PARTICULAR AREA
AFTER FINISHED THE CONSTRUCTION SEGREGATE THE EXPENSES UNDER 04 /05 MAJOR HEADS THEN PUT DEPRICIATE THE BOOK OF ACCOUNTS
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