Asset Transfer

The Fixed Assets Management SuiteApp lets you transfer simple and compound assets across asset types, subsidiaries, classes, departments, or locations. For asset transfers across subsidiaries, you need valid asset transfer account records. For more information, see Asset Transfer Accounts.

Starting with Fixed Assets Management version 4.0, asset transfers are processed in the Asset Transfer page. You can't transfer the asset type at the same time as the subsidiary, department, class, or location. The Subsidiary, Department, Class, Location, and Asset Type fields on the asset record are grayed out even if Allow Asset Value Editing is enabled.

Note:

The SuiteApp doesn't support asset transfers using inline editing. Inline editing lets you change values on the asset record, but it can't transfer the asset's current cost and cumulative depreciation amount, nor does it create journal entries. Asset transfer through mass updates isn't available in the SuiteApp.

To process an asset transfer:

1. Go to Fixed Assets > Transactions > Asset Transfer.

2. On the Asset Transfer page, select an Asset ID or Name from the list. You can enter a simple, compound, or component asset.

3. In the Transfer Date field, enter the effective transfer date. You can enter a future date if you enabled Allow Future-dated Depreciation. For more information, see Setting Up the Fixed Assets Management System.

   Note:

   For future-dated transfers requiring currency conversions, the system uses the current exchange rate at the time you set the transfer date value.

4. Select the new Department, Class, Location, Subsidiary, or Asset Type.

   When you transfer a compound asset, all its components are transferred. If a component is also a compound asset, its own components are transferred as well. You can transfer individual components, but only to another class, department, or location.

   Note:

   When you transfer a compound asset to another subsidiary, the components’ class, department, and location remain the same. The transfer won't be processed if the asset’s current class, department, and location isn't a part of the target subsidiary.

5. When you are finished, click Process Transfer.

   When you transfer an asset, the system calculates catch-up depreciation to ensure that depreciation is up-to-date.

   You'll be redirected to the Process Status page, where you can track the asset transfer's status. The Process Status queues the following processes for asset transfer. Click Details on any process to view its stage details.

   Process	Process Stage	Process Stage Description
   Asset Transfer	Validate Asset Transfer Values	Checks if the details of the asset being transferred, and its child records, are valid.
   	Catch-up Precomputation	Creates depreciation history records from the asset’s last depreciation date and depreciation start date, up to the period before the transfer. This process includes the asset’s child records.
   	Catch-up Journal Creation	Creates catch-up journal entries for posting records (assets or tax) from the asset’s last depreciation date and depreciation start date, up to the period before the transfer. This process includes the asset’s child records. Note: If a journal fails, the related assets aren't transferred.
   	Prepare Data to Update Records	Gets updated values from journal entries and identifies records to update. The status shows Not Required if no journal was created in the previous step.
   	Update Asset Records	Updates posting asset or tax methods based on its depreciation values.
   	Update Tax Methods	Updates non-posting tax methods based on its depreciation values.
   	Transfer Assets	Processes the transfer of the asset to the specified asset type, subsidiary, class, department, or location. Note: When the asset transfer fails, the catch-up depreciation won't be rolled back.
   	Update Compound Assets	Updates affected compound assets.
   	Update Related Records	If the asset is transferred successfully, the system skips this stage and sets the status to Not Required. If it fails, the system reverts changes made in the previous stage.
   	Delete Old Forecast Values	The system deletes the existing depreciation schedule since it's no longer accurate after the transfer.

   If you enabled Custom Transactions and Use Custom Journals, the system creates a specific journal entry for asset transfer. You can view these journal entries in Fixed Assets > Transactions > Journal Types. You'll need to manually set the journal entry's status to Approved before it posts. For more information, see Viewing and Approving Custom Journal Entries.

   If Require Approvals on Journal Entries is enabled, and you don't have permission to approve journal entries, an administrator must approve them before posting.

Important:

You must update depreciation history records for asset transfers where the transaction type is Sale or Disposal and the disposal type is blank. Set the transaction type to Transfer.

To process multiple asset transfers using CSV import:

1. On the Asset Transfer page, click Import CSV.

   Note:

   You can't add columns or custom fields to this import.

2. Click Choose File, then select your CSV file.

   Click the link below the Choose File button to view a sample file.

   Note:

   When you use the sample template, you must either enter values for each header or remove the headers that you don't need. If a header is blank, its existing value is cleared when the transfer is complete.

3. Click Submit.

   The following table shows sample transfer values for a CSV import:

   Asset	Asset Type	Subsidiary	Class	Department	Location
   79	Computer	Parent Company	Servers	Accounting	California

   Use the following mapping to enter values in your CSV file:

   Header	Value
   Asset	Must match the asset record’s internal ID
   Asset Type	Must match the asset type
   Subsidiary	Must match the asset’s subsidiary
   Class	Must match the asset’s class
   Department	Must match the asset’s department
   Location	Must match the asset’s location

Transferring Assets Across Subsidiaries

Important:

Transferring assets across subsidiaries requires valid asset transfer records. For more information, see Asset Transfer Accounts.

When you transfer an asset to another subsidiary, the system journals its current cost and accumulated depreciation from the origin subsidiary accounts to the destination subsidiary accounts.

During a transfer, the system automatically converts the asset value to the destination subsidiary's base currency. Depreciation journal entries and reports generated after the transfer reflect the new base currency. The system also converts the following values to the new base currency:

• Asset Original Cost

• Asset Current Cost

• Residual Value

• Current Net Book Value

• Prior Net Book Value

• Cumulative Depreciation

• Last Depreciation Amount

The system tracks historical records of asset activities for both accounting and alternate/tax methods.

Transferring Assets Across Classes, Departments, or Locations

When you transfer an asset to a new class, department, or location, the system carries its current cost and cumulative depreciation from the origin subsidiary to the destination subsidiary. Journal postings are generated only if the following settings are enabled:

• Post on Location Change

• Post on Class Change

• Post on Department Change

For more information, see Setting Up the Fixed Assets Management System

The system tracks historical records of asset activities for the accounting method only. No historical records for alternate tax methods are created when transferring assets across classes, departments, or locations.

To post journal entry on location change, make sure that Post on Location Change is enabled in the System Setup page.

Note:

No journal entry is created for transfers to a class, department, or location, if the original transfer value is null.

Transferring Assets Across Asset Types

Changing the asset type also updates the general ledger asset, depreciation account assignments, and asset life. The last posted amounts for the current cost and cumulative depreciation are carried over from the old to the new accounts through sale and reversal transactions. The asset inherits the asset life of the new asset type.

The system tracks historical records of asset activities for both the accounting and alternate/tax methods.

Tax methods with accounting book values on the original asset type must exist on the default alternate depreciation list of the destination asset type. Otherwise, the transfer won't be processed. See the following example:

Original Asset Type	Accounting Book	Alternate Depreciation
	Secondary Book	Depreciation Method 8
	Secondary Book	Depreciation Method 9
	Empty	Depreciation Method 9

Destination Asset Type	Accounting Book	Alternate Depreciation
	Secondary Book	Depreciation Method 8
	Secondary Book	Depreciation Method 9

Note:

In the previous example, the original asset type’s third alternate method (with no accounting book) also transfers to the destination asset type.

Related Topics

• Fixed Assets Management Overview
• Depreciation Methods
• Creating Asset Records from Transactions
• Creating Asset Records through CSV Import
• Creating Asset Records Manually
• Managing Assets
• Asset Depreciation

• Fixed Asset Recovery Script

• Group Tax Depreciation
• French Derogatory Depreciation
• Asset Disposal by Sale or Write-Off
• Partial Disposal of an Asset
• Revaluation of an Asset
• Asset Split
• Deleting Assets

General Notices