The problem
Construction in progress is where placed-in-service dates go wrong most often, because the date that matters is when the asset was ready and available for its intended use, not when the last invoice arrived or when someone remembered to close the project. When assets have been depreciating before they should have, or a finished project sat in CIP for months, the fix in Sage Fixed Assets is to reset depreciation and change dates asset by asset. Sage's own community advice for assets placed in service too early includes changing the date to the future or parking assets on a non-depreciating method until they are truly in service, then truing everything up later.
For a handful of assets that works. For a project with hundreds of components, or a year of projects closed on the wrong dates, it doesn't.
How we correct CIP dates
Angela Bolton has been part of more than 100 CIP implementations, so the correction starts with the evidence: commissioning documents, certificates of occupancy, go-live dates and the project timeline, matched to the assets in the subledger. We agree on the correct in-service date for each group and the effective-date rule, then the Critical Field Updater makes the change across every book, with a report of the depreciation to reverse or catch up.
If the same problem keeps coming back, it is a process problem rather than a data problem. FAHA's CapEx module keeps projects in CIP until someone confirms the asset is in service, so the date is right before the asset ever reaches Sage Fixed Assets.
How the work is delivered
There are two ways to use the Critical Field Updater. Most clients start with a done-for-you project: you send the asset list and the new values, we agree on the effective-date rule for each group of assets, run a validation pass, make the changes, and hand back a before-and-after report by book that your team and your auditors can tie out. Clients who face these changes every quarter can run the same tool themselves through FAHA, our fixed asset platform, which connects to Sage Fixed Assets and keeps an audit trail of every change and who approved it.
Either way, every project starts with a full company backup in Sage Fixed Assets, and nothing is written until the validation report has been reviewed by a person on your side.
Frequently asked questions
What date should an asset be placed in service?
Generally, when it is ready and available for its intended use, which is not always when it is first used or when the last invoice is paid. Your policy and your tax adviser should confirm the treatment for significant projects.
Can you reset depreciation on assets that weren't actually in service?
Yes. Using the Placed-in-Service rule clears the depreciation taken so far, and the report shows the amount to reverse in the general ledger.
Do you help with the CIP process, not just the cleanup?
Yes. CIP process design and policy are core to our consulting work, and FAHA supports the process going forward.