Construction Work In Progress (CWIP)
What is CWIP? - A temporary balance sheet account that tracks all costs associated with construction, fabrication, and capital equipment purchases.
Costs remain in CWIP until completion of the asset, which initiates the capitalization and depreciation process.
We have posted a new form called the PACE Life Cycle Form which replaces both of the previously available forms - the Request to Open a Fabrication Project and the Request to Close a Fabrication Project.