Change a CIP (Construction in Progress) into a Building

Purpose: Refer to this document to change a Construction in Progress (CIP) into a building, once the building receives it's Certificate of Occupancy/is placed into service. To change a CIP into a Building in ctcLink, all CIP costs must be consolidated into one CIP asset first.

If multiple CIPs for one building occurred at your college, complete the “Combine Multiple CIPs into One CIP” QRG steps before doing this QRG.

Audience: Financial Asset Manager, Facilities Asset Manager.

You must have at least one of these local college managed security roles:

  • ZZ Depreciation Processing

If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.

Please follow the process below to consolidate multiple CIPs into one CIP in Asset Management (AM). This is best practice, and it is essential to convert a CIP in AM into a building.

  1. COMBINE: Add the costs from multiple CIPs for a building into one CIP (if necessary or in case that may be an existing issue at your college).
  2. CHANGE: Change a CIP into a Building.
Step 1: Combine Multiple CIP(s) into One CIP (if necessary)

Navigation: Asset Management > Search for An Asset

  1. On Search for An Asset, enter your Business Unit in “Unit” at the top left.
  2. In the top center section, go to Profile ID and enter or lookup “0200" for Construction in Progress.
  3. Select the Search button in the lower left portion of the screen. The Search Results will populate below.

Look for all CIPs with the same name/characteristics. Verify with your college that the multiple CIPs relate to only 1 building that is ready to capitalize.

In the example below, Asset IDs 0000000633929 and 000000633930 are two CIPs for one building.

Search for an Asset page

Before moving costs to one CIP (Construction In Progress), first look up the In-service Date and Total $ Amount for each CIP. Record the In-service date.

  1. For each CIP you would like to consolidate, select the CIP radio button.
  2. Use the Drill-Down To: component menu and select the Define Tax/Depr Criteria.
  3. Select the GO! button.
Use the Drill-down To menu item to select Define Tax/Depr Criteria
  1. The Define Tax/Depr Criteria page displays. For each CIP, record the In Service Date and Total Cost.
Define Tax/Depr Criteria page
  1. Return to the Search for An Asset tab page, select the CIP asset with the earliest/oldest date, by clicking on the radio button to the left.
  2. In the Drill-Down To: component menu drop down box select Asset Cost Adjust/Transfers and select the GO! button.
Select the oldest in service date CIP

To retain Construction In Progress Detail or History, add the costs one-by-one when consolidating CIP total amounts.

  1. The Main Transaction tab page displays. Update the Transaction Date to the In-service Date of the CIP you are adding, or the date when the costs were incurred.
  2. In the Action drop-down box, select Adjustment and then select the GO! button.
Enter transaction date and select adjustment then the GO button
  1. The Cost Information tab displays. In the Edit Cost Information section, enter the cost of the other CIP(s). Select the Apply button.
  2. Select the Save button.
  3. Repeat this process for every CIP you want to uniquely identify when you add it.
Enter the Cost and select apply button

Video Tutorial

The video below demonstrates the process actions described in the steps listed above. There is no audio included with this video. Select the play button to start the video.

Video Tutorial Via Panopto

View the external link to Consolidating Multiple CIP(s) into One CIP. This link will open in a new tab/window.

Step 2: Change a CIP into a Building

Navigation: Asset Management > Search for An Asset

  1. In Search for An Asset, enter the college’s Business Unit in “Unit” at the top left.
  2. Enter the specific information, such as “Asset ID” or “Tag” number, to view the CIP to convert.
  3. Click on the Search button in the lower left portion of the screen.

If specific information to identify the CIP is unknown, in the Profile ID section select 0200 Construction in Progress. This allows you to view all CIPs, so you can find the one you want.

  1. The search results displays below and the Drill-Down To: ---Select Component--- menu appears. Select the Asset ID radio button.
  2. From the Drill-Down To: menu select Asset Basic Information.
  3. Select the GO! button.
  1. The Basic Add page displays. On the “General Information” tab, required changes are:
    1. Change the Asset Class to one that begins with “05”, depending upon the useful life wanted. Typically, buildings are depreciated over 50 years, which is Asset Class “0550”.
    2. Change the Asset Subtype to “05”.
    3. Change the Profile ID to one that begins with “05”, depending upon the useful life wanted. When the Profile ID is changed, the warning below will appear.
  2. Click on “OK”.

Video Tutorial

The video below demonstrates the process actions described in the steps listed above. There is no audio included with this video. Select the play button to start the video.

UPDATED VIDEO COMING SOON

Video Tutorial Via Panopto

View the external link to Retiring Asset that has been combined into One CIP. This link will open in a new tab/window.

0 Comments

Add your comment

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.