Capital Works in Progress to Assets Calculation Helper

This tool will help us to convert Capital Works in Progress to Various Assets. This will be very helpful for the Accountants in various Panchayats in Kerala. Every Year Panchayats are creating several types of assets viz. Roads, Buildings, ...... But when the bill is prepared, if we are allotting the part bill only, then the expenditure will be recorded as Capital Work in Progress. This should be converted into respective assets on the completion of works. However, we issue the final bills as the Correct asset expenditure. But still the part bill voucher remains as Capital Work in Progress.

In this circumstances at the year ending we should check the ledger of Capital Work in Progress and find whether the work is done in complete or not.

If the work is completed in the current year itself we should change the payment voucher through adjustment journal. By this journals, we can see in future that the voucher itself adjusted to the corresponding asset heads.

But if the works are completed after the bill year then we can do only a rectification journal and in that case we take the total amounts of each assets to convert from Capital Work in Progress.

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Capital Works in Progress to Assets Calculation Helper
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