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