Transferring one asset or a portion of an asset

Alerts and notices

Assets can be transferred to a different activity or to one of four associations within the same activity. Eligible associations include: cost center, department, division, and location. Use the following procedure to enter and update transfer information for a single asset. This information enables the application to properly calculate current depreciation and delete the original asset after the current year, when applicable.

Notes

  • The current depreciation will calculate through the end of the month prior to the transfer date on the original asset, and then will make a copy of the asset and assign the balance of the current depreciation for that year (or depreciation period) to the newly created asset.
  • Disposed and current-year assets cannot be transferred.
  • To transfer two or more assets in a single transaction, see Transferring multiple assets simultaneously.
  • To copy an asset to a different client or activity and delete the original asset, see Moving assets.
  • To create a copy of an asset, see Copying assets.
  1. Open the Asset List window for an activity.
  2. If you want to transfer a portion of an asset, divide the asset containing the portion you want to transfer.
  3. Select the asset you want to transfer and click the Modify button.
  4. In the Asset Detail dialog, click the Transfer tab.

    Note: If the selected asset has been disposed or was placed in service in the current year, the fields in the Transfer tab are not available.

  5. In the Transfer-Out group box, enter a date in the Date of transfer field in MMDDYY format.
  6. In the Type of transfer field, select either Activity or an association from the drop-down list. Eligible associations, which must be set up for the asset, include cost center, department, division, and location.
  7. In the To field, select the activity or association to which you want to transfer the asset. The options available in the drop-down list depend on the selection in the Type of transfer field.
  8. If desired, select a treatment from the Treatment drop-down list to view the cost/basis and total depreciation for the new asset.
  9. Click Done to complete the transfer and return to the Asset List window. The application creates a new asset based on the information you entered and modifies the original asset based on the transfer.

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