Transferring an Asset

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. For more information, see Asset Transfer Process Stages.

   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.

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