Manufactured fixed assets

Currently my company is manufacturing (not purchasing) fixed assets (not inventory).
We’re in the initial r&d stage, and I want to count the prototypes as assets. (Later they will become inventory, once the initial r&d stage is completed, and we’re ready to manufacture and sell completed products). Mean-while, how can I handle the manufactured fixed assets?

Speak to your accountant about tax treatment of R&D costs in your jurisdiction. When that is known a consistent structure can be created in Manager

Not sure what the question is about. In the accounting equation there is no difference between assets, i.e. an inventory item and fixed asset and for that matter bank and cash accounts are treated the same and signify what a business owns.

Consult your accountant. To be sure that what you are doing is right.

This might help you understand the possible accounting treatment to raise with your accountant -

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That’s not what I’m asking.
More specifically, the usual fixed asset accounting process is to create the fixed asset, then purchase it, which gives it a value and a creation date. Since I’m not purchasing it, how can I give it a value and a creation date?

You need to make a Purchase or Payment or Journal entry to get the initial balance and acquisition date for your Fixed Assets

Asset valuation is based on

  1. items purchased & cost of labour expended or

  2. open market value including IP

To have value using method 1 you must have incurred cost so by definition the initial value is zero.