USA Revaluation of fixes asset cost

Joined
Jan 2, 2023
Messages
10
Reaction score
1
Country
United States
The small company I work for keeps making trade for services in exchange for construction projects.

Last month they traded services in the amount of $XXXX for a small construction project which was added to capex account and depreciated (straight line).

Cash Cr
Asset Dr
Acc Depr Cr
Dpr Exp Dr


This month they traded services for the same project which means I need now to revise initial cost and depreciation line. What is the best way to record this?
 
Joined
Aug 21, 2024
Messages
5
Reaction score
0
Country
Venezuela, Bolivarian Republic Of
If the project you are managing internally has not been completed or put into operation, you should continue accumulating these transactions until the asset is ready to be capitalized and put into operation.
 
Joined
Aug 21, 2024
Messages
5
Reaction score
0
Country
Venezuela, Bolivarian Republic Of
as you explained above, it is a project and not an operating assets, so, you should not capitalized until reach out the proper condition to be considered an asset an in consequence of that, be capitalized ans start depreciation...
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,790
Messages
27,864
Members
21,814
Latest member
RickyglicE

Latest Threads

Top