Best Practice - Tracking WIP Costs

[johnhugh]

Hi, I'm using Accpac 5.6 and am wondering how you track your WIP costs for assets.

For example you're buying an asset, which needs to be further modified.
So you would issue stock items which are used for that asset.
We currently have a WIP GL account for every asset to which the items are issued to. Then at month end they get capitalised in A/M and added to the asset value.

What I don't like is the fact of having a different GL account for every asset. Over time this will become very messy.
Surely there must be a smarter way of doing it.

I was thinking of a WIP clearing account, where every WIP cost can be posted into. Problem is, how do you identify for what asset that cost was so you can capitalise it?

 

[ettienne]

Use WIP in AM, you only need 1 GL account.

 

[johnhugh]

Thanks Ettienne.
I thought of that as well.

If I have 1 GL account and 10 different WIP assets in Norming, how do I know what costs belongs to what asset?

I'm looking for a practical solution. I know I can enter the asset number on every detail line but don't want to do that.
I need to make sure that when they issue an item for WIP it has the correct Asset ID somewhere.
I could also use optional fields, but then agian I can't force that to be filled in either becasue a stock item can be used for WIP or be just a normal consumable.

Any further ideas?

 

[Jay Converse]

Use AM asset maintenance

 

[johnhugh]

Hmm...A/M Maintenance.
That's an approach I had not yet considered.
Seems an odd way of doing it, but worth a try.

Thanks for your replies.