Asset Transfer Accounts
The Fixed Assets Management SuiteApp supports multiple subsidiaries and lets you transfer assets between them.
To enable this intercompany functionality, you must define intercompany accounts on the Asset Transfer page. For each pair of subsidiaries involved in transfers, set up the transfer accounts for both the origin and destination subsidiaries.
When the subsidiary in an asset record is changed, the system creates journal entries to move the asset and its accumulated depreciation out of the balance sheet and into the origin transfer account. In the destination subsidiary, the asset's value is posted from the destination transfer account into the appropriate asset account. Previous depreciation amounts are not transferred to the destination subsidiary's ledger.
To set up an asset transfer account:
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Go to Fixed Assets > Setup > Asset Transfer Accounts > New.
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Enter values for the following fields:
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Origin Subsidiary — Select the subsdiary transferring the asset.
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Destination Subsidiary — Select the subsidiary receiving the asset.
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Origin Transfer Account — Select the transfer (GL) account for the originating subsidiary.
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Destination Transfer Account — Select the transfer (GL) account for the destination subsidiary.
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Click Save.