Plant Accounting maintains the financial reporting for construction funds that are used for construction, renovation and acquisition of long-lived assets, such as equipment, real estate, buildings and infrastructure.
- Provide construction expense processing in Purchasing system and payment of Payment Application invoices. Process stop notices, withholding, and retention releases on Construction Agreements.
- Monitors capital projects, transfers costs from construction in progress to buildings, structures, infrastructure, general improvements, and closes completed capital projects.
- Records depreciation.
- Prepares loan draws for capital projects and processes debt service payments.
- Capitalizes equipment, library, software, all other capital assets, and eliminates capital expenditures from current for fiscal year end.
