Account 23 " Fixed assets in progress " is used to record the value of assets not yet completed at the end of each financial year.

From the point of view of their origin, the fixed assets recorded in accounts 231 and 232 can be divided into two groups:

• those created by the entity's own resources;

• those resulting from more or less long term works carried out by third parties.

The cost of fixed assets created by the entity is debited to account 231 " Tangible fixed assets in progress " or to account 232 " Intangible fixed assets in progress " by crediting account 72 " Own work capitalized " .

When works are contracted out to third parties, account 237 or account 238 is debited with the advances payments and installments made by the entity along with the progress of the works.

The cost of an asset is transferred from account 23 to account 20 or account 21 when the fixed asset is completed.

Advances payments and installments paid by the entity to third parties for works in progress are recorded:

• to account 237 when they relate to the purchase of an intangible fixed asset;

• to account 238 when they relate to the purchase of a tangible fixed asset.

During the financial year, entities have the option to record all the above-mentioned advances payments and installments in account 4091 " Suppliers - Advance payments on account on orders ", but at the end of the financial year, they transfer the advances payments and installments relating to orders for fixed assets to account 237 or 238.

Advances payments and installments may be recorded separately in appropriate subdivisions of accounts 237 and 238.