FIXED ASSET MANAGEMENT – ASSET TRANSFER

The Fixed Assets Management SuiteApp enables you to transfer simple and compound assets across asset types, subsidiaries, classes, departments, or locations.   

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.

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.  

Asset Transfer 

• Navigate to Fixed Assets -> Transactions -> Asset transfer 

• Select an Asset ID or name from the list.   

• Select the effective date of transfer. We can select a future date if the ‘Allow future dated depreciation’ checkbox is enabled. [If the asset transfer involves multiple currencies, the system will use the current foreign exchange rate at the time that you set the transfer date value]  

• Select the new Department, location, class, subsidiary, or Asset type.

• Click Process Transfer.

• We can see that the asset has been transferred and subsequent Journal entries have been created for approval.

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

• Update Asset Records – Updates posting asset or tax methods based on their depreciation values.  
• Update Tax Methods – Updates non-posting tax methods based on their depreciation values.  
• Transfer Assets – Processes the transfer of the asset to the specified asset type, subsidiary, class, department, or location.  
• 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 – The system deletes the existing depreciation schedule since it is no longer accurate after the asset is transferred.  

Process Multiple Asset transfers through CSV Import  

• Navigate to Fixed Assets -> Transactions -> Asset Transfer

• Click CSV Import.   

• The following table shows sample transfer values for a CSV import [We cannot add columns or custom fields to this type of 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

• 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. When using the sample CSV template, make 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.

• Enter the transfer date. The transfer date cannot be earlier than the Last Depreciation Date. Click Submit.  

Transfer Assets across subsidiaries  

• When you transfer an asset to another subsidiary, the system will journal the asset’s 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.  

Transfer 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.  
• 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 entries upon change of department, make sure that you have enabled the Post on Department Change preference in Fixed Assets > Setup > System Setup

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

Transfer 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’s 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.  

Asset Transfer accounts  

The Fixed Assets Management SuiteApp supports multiple subsidiaries and lets you transfer assets between subsidiaries. To support this intercompany functionality, intercompany accounts are defined within the Asset Transfer page. For each subsidiary relationship where asset transfer is required, you must set up transfer accounts for the origin and destination subsidiaries.  

In an asset record, when the subsidiary is changed, the system will journal the asset and its accumulated depreciation out of the balance sheet and into the origin transfer account. In the destination subsidiary, the value of the asset is posted into the asset account from the destination transfer account. Previous depreciation amounts are not transferred into the destination subsidiaries ledger [only accumulated depreciation will be shown].  

• Go to Fixed Assets > Setup > Asset Transfer Accounts > New.  

• Enter values for the following fields:  
• Origin Subsidiary — Select the originating subsidiary for this intercompany relationship.  
• Destination Subsidiary — Select the destination subsidiary for this intercompany relationship.  
• Origin Transfer Account — Select the transfer (GL) account for the originating subsidiary of this intercompany relationship.  
• Destination Transfer Account — Select the transfer (GL) account for the destination subsidiary of this intercompany relationship. 

• Click Save.