In NetSuite, Asset Transfer refers to the process of transferring fixed assets from one location, department, or subsidiary to another. This functionality is typically managed within the Fixed Assets Management (FAM) module, which allows tracking, depreciation, and reporting of assets.
Key Aspects of Asset Transfer in NetSuite:
- Prerequisites:
- The Fixed Assets Management SuiteApp must be installed and configured.
- Asset records must already exist in the system.
- Asset Transfer Types:
- Location Transfer: Moving an asset from one physical location to another.
- Department Transfer: Changing the department responsible for the asset.
- Subsidiary Transfer: Transferring the asset between subsidiaries in a multi-subsidiary setup.
Steps to Transfer an Asset in NetSuite:
1. Navigate to Asset Records
- Go to Fixed Assets > Transactions > Assets.
- Select the asset you want to transfer.
2. Initiate Asset Transfer
- Open the asset record.
- Click Actions > Transfer.
3. Fill Transfer Details
- New Location: Select the new location for the asset.
- New Department: Specify the new department (if applicable).
- New Subsidiary: Select the new subsidiary if the transfer is cross-subsidiary.
- Transfer Date: Set the effective date of the transfer.
4. Save and Process
- Click Save to complete the transfer.
- NetSuite will update the asset record and generate relevant journal entries if required.