Asset Transfer

The Fixed Assets Management SuiteApp enables you to transfer simple and compound assets across asset types, subsidiaries, classes, departments, or locations. For asset transfers across subsidiaries, records of valid asset transfer accounts are required. 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 will not be able to 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 greyed out even if the Allow Asset Value Editing preference is enabled.

Note:

The Fixed Assets Management SuiteApp does not support asset transfers using inline editing. Inline editing lets you change values on the asset record, but this method cannot transfer the asset's current cost and cumulative depreciation amount, nor does it create journal entries. Also, asset transfer through mass updates is currently not 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 asset, compound asset, or component asset.

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

   Note:

   For future-dated transfers that require currency conversions, the system will use the current foreign exchange rate at the time that you se the transfer date value.

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

   When you transfer a compound asset, all of its components will be transferred as well. If one of the components is also a compound asset, the transfer will also affect the components. You can process a transfer for individual components, but only to another class, department, or location.

   Note:

   When transferring a compound asset to another subsidiary, the components’ class, department, and location remains the same. The transfer will not be processed if the asset’s current class, department, and location is not a part of the subsidiary, where it is being transferred to.

5. When you are finished, click Process Transfer.

   When you transfer an asset, a catch-up depreciation will be computed to ensure that depreciation is up-to-date.

   You will be redirected to the Process Status page, where you can track the status of the asset transfer. On the Process Status page, the following processes will be queued for asset transfer. You can click the Details link on any process to view the process 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 new depreciation history records based on the asset’s last depreciation date and depreciation start date, up to the period before the transfer date. This process will include the asset’s child records.
   	Catch-up Journal Creation	Creates catch-up journal entries for posting records (assets or tax) based on the asset’s last depreciation date and depreciation start date, up to the period before the transfer date. This process will include the asset’s child records. Note: In case a journal fails, the assets associated to the failed journal entry are not transferred.
   	Prepare Data to Update Records	Gets updated valued from journal entries, and identifies which records to update. The status will show Not Required if no journal entry 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 will not be rolled back.
   	Update Compound Assets	Updates affected compound assets.
   	Update Related Records	In case of failure, changes made in the previous stage will be reverted. If the asset is transferred successfully, this stage will be skipped, and the status will be set to Not Required.
   	Delete Old Forecast Values	System deletes the existing depreciation schedule since it is no longer accurate after the asset is transferred.

   If you have enabled the Custom Transactions and Use Custom Journals preference, a specific journal entry will be created for asset transfer. You can view these journal entries in Fixed Assets > Transactions > Journal Types. Note that you have to manually set the status of the journal entry to Approved before it is posted. For more information, see Viewing and Approving Custom Journal Entries.

   Note that if the Require Approvals on Journal Entries preference is enabled, and you do not have permission to approve journal entries, the system will require administrator approval before a journal entry is posted.

Important:

You need to update depreciation history records for asset transfers with a ‘Sale or Disposal’ transaction type and a blank asset disposal type. The transaction type must be set to ‘Transfer’.

To process multiple asset transfers using CSV import:

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

   Note:

   You cannot add columns or custom fields to this type of import.

2. Click Choose File to open the file browser, and then select your CSV file.

   You can click the link below the Choose File button to view a sample file.

   Note:

   When using the sample CSV template, be sure to either provide a value for each header or remove the headers that you do not need. If a header has no value, the existing value for that header will be changed to blank 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 will journal the asset current cost and its accumulated depreciation from the origin subsidiary accounts into the destination subsidiary accounts.

On asset transfer, the asset value will automatically be converted to the base currency of the destination subsidiary. Depreciation Journal Entries created, and reports generated after the transfer will reflect the new base currency. The Asset Original Cost, Asset, Current Cost, Residual Value, Current Net Book Value, Prior Net Book Value, Cumulative Depreciation, and Last Depreciation Amount will also be converted to the new base currency on asset transfer.

Historical records of the asset activities are tracked for both the accounting and alternate/tax methods.

Transferring Assets Across Classes, Departments, or Locations

When you transfer an asset to a different class, department, or location, the resulting transfer carries over the asset's current cost and cumulative depreciation amount from the origin subsidiary to the destination subsidiary. The transfer may generate journal postings depending on the setting for the Post on Location Change, Post on Class Change and Post on Department Change preferences. For more information, see Setting Up the Fixed Assets Management System.

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

To record journal entry upon change of location, make sure that you have enabled the Post on Location Change preference in Fixed Assets > Setup > System Setup.

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

Historical records of the asset activities are tracked for both the accounting and alternate/tax methods.

Note that the tax methods with accounting book values on the original asset type must also be present on the default alternate depreciation list of the destination asset type. Otherwise, the transfer will not 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 preceding example, the original asset type’s third alternate method (with an empty accounting book) will also be transferred 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