Set Up Needed Before Processing an Asset Transfer to Another Subsidiary

Asset Transfer is the process of changing the subsidiary, class, location, or department of the Fixed Asset. Note that both simple and compound assets can be transferred.

In this article, we’ll focus on transferring an asset from one subsidiary to another and the additional set up needed to transfer it successfully.

For you to have a better grasp, we have here an Asset that must be transferred from US Rockville (Parent Sub): Mik | Subsidiary A to US Rockville (Parent Sub): Mik | Subsidiary B. This asset is currently active and depreciating.

To be able to successfully transfer the asset, the Asset Transfer Accounts must be determined. To do that:

1. Go to Fixed Assets > Setup > Asset Transfer Accounts > New
2. Make sure to enter values for Origin Subsidiary, Destination Subsidiary, Origin Transfer Account, and Destination Transfer Account fields and then click on Save.

Here’s an example:

1.     Make sure to enter values for Origin Subsidiary, Destination Subsidiary, Origin Transfer Account, and Destination Transfer Account fields and then click on Save.

Here’s an example:

Note: If the FAM Asset Transfer Accounts are not set up, the user will not be able to successfully transfer the Fixed Asset and will receive the following error: 

To process the Asset Transfer, here’s how:

1. Go to Fixed Assets > Transactions > Asset Transfer
2. Input the Asset ID/ Name
3. Select the Transfer Date. Transfer date cannot be earlier than the Last Depreciation Date.
4. Since we are transferring it to another subsidiary, select the destination subsdiary
5. Click on Process Transfer

Here’s how it will look like: