Transferring Fixed Assets Within Multi-Book Accounting
When you transfer assets within Multi-Book Accounting for Fixed Assets Management, the transferred asset will be recorded in the currency of the destination subsidiary. The currency will automatically be converted to reflect the book’s base currency. Asset Cost, Asset Current Cost, Cumulative Depreciation, Net Book Value will be converted to the book specific base currency of the destination subsidiary.
Any Depreciation Journal Entry created after the transfer will use the book specific base currency of the destination subsidiary. The corresponding journal entry will also be book specific.
If the destination subsidiary does not belong to any book, no transfers will be processed. For Tax Methods not linked to any book, the transfer will be recorded in the Primary Book.
An asset transfer account is necessary to process a successful transfer. For more information, see Asset Transfer Accounts.
There will be no separate asset transfer process for secondary books. Secondary book asset transfers will be recorded when assets are transferred in the primary book.
For more information about asset transfer, see Asset Transfer.