If an asset is not complete at the time of preparing of balance sheet then all the cost incurred on that asset is terms as Capital Work in Progress (CWIP).
CWIP account contains all the expense done on that asset which may include cost of raw material, transportation cost, labour cost etc. Once asset is complete
all the expense incurred against that asset is taken as basic value and then that asset is capitalized.
CWIP Asset Management by EAMbrace® helps organization effectively manage their CWIP asset until completion. Once CWIP assets is termed as complete then
assets gets automatically created with all the expense incurred taken as basic value to start depreciation.