{"id":3863,"date":"2026-06-02T15:23:02","date_gmt":"2026-06-02T14:23:02","guid":{"rendered":"https:\/\/clubtreasurer.com\/blog\/?p=3863"},"modified":"2026-06-02T15:42:59","modified_gmt":"2026-06-02T14:42:59","slug":"how-to-manage-work-in-progress-wip-assets-and-capitalisation","status":"publish","type":"post","link":"https:\/\/clubtreasurer.com\/blog\/how-to-manage-work-in-progress-wip-assets-and-capitalisation\/","title":{"rendered":"How to Manage Work-in-Progress (WIP) Assets and Capitalisation"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">By\u00a0<a href=\"https:\/\/clubtreasurer.com\">Jim Snelson<\/a>\u00a0June 2, 2026<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img data-opt-id=633832291  fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"572\" src=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/1d97daa2-0a3e-4840-88fb-b873c24c13d4.jpeg\" alt=\"\" class=\"wp-image-3876\" srcset=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1024\/h:572\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/1d97daa2-0a3e-4840-88fb-b873c24c13d4.jpeg 1024w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:300\/h:168\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/1d97daa2-0a3e-4840-88fb-b873c24c13d4.jpeg 300w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:768\/h:429\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/1d97daa2-0a3e-4840-88fb-b873c24c13d4.jpeg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<h5 class=\"wp-block-heading\">If you are tracking a Work in Progress (WIP) asset that needs to be capitalised later, follow this guide to ensure your expenditures are tracked correctly without prematurely impacting your Profit and Loss (P&amp;L) statement.<\/h5>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Phase 1: Setting Up the WIP Asset<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Before capitalising your asset, you must ensure your existing WIP asset and cost codes are configured correctly to handle capital expenditures (CAPEX).<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h4 class=\"wp-block-heading\">1. Update the WIP Asset Settings<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Open your existing WIP Asset record.<\/li>\n\n\n\n<li>Ensure the <strong>Depreciation Method<\/strong> is set to <strong>Revaluation<\/strong>.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full has-custom-border\"><img data-opt-id=553255108  fetchpriority=\"high\" decoding=\"async\" width=\"757\" height=\"540\" src=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.38.00.png\" alt=\"\" class=\"wp-image-3867\" style=\"border-width:4px;border-top-left-radius:20px;border-top-right-radius:20px;border-bottom-left-radius:20px;border-bottom-right-radius:20px\" srcset=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:757\/h:540\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.38.00.png 757w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:300\/h:214\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.38.00.png 300w\" sizes=\"(max-width: 757px) 100vw, 757px\" \/><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<ul class=\"wp-block-list\">\n<li><strong>Note:<\/strong> This configuration restricts selection to CAPEX Cost Codes only and prevents purchase costs from showing up in your P&amp;L.<\/li>\n<\/ul>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h4 class=\"wp-block-heading\">2. Create a CAPEX Cost Code<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Create a new <strong>Cost Code<\/strong> specifically for this capital expenditure (if it doesn&#8217;t already exist)<\/li>\n\n\n\n<li><strong>Important:<\/strong> Ensure you check the <strong>CAPEX<\/strong> box during setup.<\/li>\n\n\n\n<li><em>Tip:<\/em> If you don&#8217;t already have one, you may want to create a new <strong>Parent Code<\/strong> named &#8220;<em>Capital Expenditure<\/em>&#8221; to keep your accounts organized.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full has-custom-border\"><img data-opt-id=628646093  fetchpriority=\"high\" decoding=\"async\" width=\"603\" height=\"682\" src=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.49.34.png\" alt=\"\" class=\"wp-image-3868\" style=\"border-width:4px;border-top-left-radius:20px;border-top-right-radius:20px;border-bottom-left-radius:20px;border-bottom-right-radius:20px\" srcset=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:603\/h:682\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.49.34.png 603w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:265\/h:300\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.49.34.png 265w\" sizes=\"(max-width: 603px) 100vw, 603px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h4 class=\"wp-block-heading\">3. Enter Payment Lines<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you have already logged expenses to standard P&amp;L accounts, you will need to move them -&gt; Locate and <strong>delete<\/strong> your existing expense Payment transactions (which are currently hitting your P&amp;L as expenses).<\/li>\n\n\n\n<li>(Re-)enter these lines as <strong>Asset Purchases<\/strong> directly within your WIP Asset record (<em>Nav: Fixed Assets<\/em>).<\/li>\n\n\n\n<li>Use the original purchase dates and account details, but make sure to select the <strong>new CAPEX Cost Code<\/strong> created in Step 2. <span style=\"text-decoration: underline;\">This ensures they do not appear in your P&amp;L.<\/span><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-opt-id=1039062087  data-opt-src=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1024\/h:473\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.59.51.png\"  decoding=\"async\" width=\"1024\" height=\"473\" src=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1024\/h:473\/q:eco\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.59.51.png\" alt=\"\" class=\"wp-image-3869\" style=\"border-width:4px;border-top-left-radius:20px;border-top-right-radius:20px;border-bottom-left-radius:20px;border-bottom-right-radius:20px\" old-srcset=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1024\/h:473\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.59.51.png 1024w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:300\/h:139\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.59.51.png 300w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:768\/h:355\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.59.51.png 768w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1536\/h:710\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.59.51.png 1536w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1655\/h:765\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-14.59.51.png 1655w\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Phase 2: Capitalising the Asset<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When the asset is ready to be placed into service, you will need to &#8220;retire&#8221; the WIP record and transfer the value to a new, active asset record.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h4 class=\"wp-block-heading\">Step 1: Dispose of the WIP Asset<\/h4>\n\n\n\n<ul start=\"1\" class=\"wp-block-list\">\n<li>Open the WIP Asset record and click <strong>Edit<\/strong> &gt; <strong>Dispose\/Retire Asset<\/strong>.<\/li>\n\n\n\n<li>In the <em>Manage Asset Disposal<\/em> form, enter the <strong>Disposal Date<\/strong>.<\/li>\n\n\n\n<li>Verify that the <strong>Disposal Value<\/strong> matches your expected balance (this should equal the sum total of all your purchase costs).<\/li>\n\n\n\n<li>Verify that the <strong>Disposal Gain<\/strong> is exactly <strong>zero<\/strong>.  (If the Disposal Gain is not zero, double-check that your Disposal Date is on or <em>after<\/em> the dates of all your capital expense entries).<\/li>\n\n\n\n<li>Click <strong>Dispose\/Retire Asset<\/strong>.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-opt-id=44380526  data-opt-src=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1024\/h:473\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.09.25.png\"  decoding=\"async\" width=\"1024\" height=\"473\" src=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1024\/h:473\/q:eco\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.09.25.png\" alt=\"\" class=\"wp-image-3871\" style=\"border-width:4px;border-top-left-radius:20px;border-top-right-radius:20px;border-bottom-left-radius:20px;border-bottom-right-radius:20px\" old-srcset=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1024\/h:473\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.09.25.png 1024w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:300\/h:139\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.09.25.png 300w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:768\/h:355\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.09.25.png 768w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1536\/h:710\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.09.25.png 1536w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1655\/h:765\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.09.25.png 1655w\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h4 class=\"wp-block-heading\">Step 2: Create the Placed-in-Service Asset<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Now, create a <strong>NEW<\/strong> Asset record for the final, active asset using the following parameters:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>Field<\/strong><\/td><td><strong>Value to Enter<\/strong><\/td><\/tr><\/thead><tbody><tr><td><strong>Acquisition Date<\/strong><\/td><td>Use the exact <strong>Disposal Date<\/strong> from the WIP asset step above.<\/td><\/tr><tr><td><strong>B\/Fwd Opening Net Book Value<\/strong><\/td><td>Enter the exact <strong>Disposal Value<\/strong> from the WIP asset step above.<\/td><\/tr><tr><td><strong>Depreciation Method<\/strong><\/td><td>Select <strong>Straight-line<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border\"><img data-opt-id=2043194874  data-opt-src=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1024\/h:485\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.14.20.png\"  decoding=\"async\" width=\"1024\" height=\"485\" src=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1024\/h:485\/q:eco\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.14.20.png\" alt=\"\" class=\"wp-image-3872\" style=\"border-width:4px;border-top-left-radius:20px;border-top-right-radius:20px;border-bottom-left-radius:20px;border-bottom-right-radius:20px\" old-srcset=\"https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1024\/h:485\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.14.20.png 1024w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:300\/h:142\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.14.20.png 300w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:768\/h:364\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.14.20.png 768w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1536\/h:728\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.14.20.png 1536w, https:\/\/mlhl62ah7s0d.i.optimole.com\/cb:9dk8.241e5\/w:1674\/h:793\/q:mauto\/f:best\/https:\/\/clubtreasurer.com\/blog\/wp-content\/uploads\/2026\/06\/Screenshot-2026-06-02-at-15.14.20.png 1674w\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Jim Snelson\u00a0June 2, 2026 If you are tracking a Work in Progress (WIP) asset that needs to be capitalised later, follow this guide to ensure your expenditures are tracked correctly without prematurely impacting your Profit and Loss (P&amp;L) statement. Phase 1: Setting Up the WIP Asset Before capitalising your asset, you must ensure your existing&hellip;&nbsp;<a href=\"https:\/\/clubtreasurer.com\/blog\/how-to-manage-work-in-progress-wip-assets-and-capitalisation\/\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">How to Manage Work-in-Progress (WIP) Assets and Capitalisation<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-3863","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Manage Work-in-Progress (WIP) Assets and Capitalisation - Clubtreasurer Community<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/clubtreasurer.com\/blog\/how-to-manage-work-in-progress-wip-assets-and-capitalisation\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Manage Work-in-Progress (WIP) Assets and Capitalisation - Clubtreasurer Community\" \/>\n<meta property=\"og:description\" content=\"By\u00a0Jim Snelson\u00a0June 2, 2026 If you are tracking a Work in Progress (WIP) asset that needs to be capitalised later, follow this guide to ensure your expenditures are tracked correctly without prematurely impacting your Profit and Loss (P&amp;L) statement. 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