There are situations in which assets that have been defined as one Asset Type (for example, Construction-in-Progress) need to be redefined as another Asset Type when completed. It also serves to change Asset Types recorded in error. To modify the Asset Type, of a specific asset, the Fixed Asset Type Change (FX) transaction code is processed. The transaction can only be used to change the asset type of non-memo assets that have not been previously depreciated. Once an asset is depreciated, the Asset Type may not be changed.
The general steps required to process the FX transaction are highlighted below:
Create an instance of the Fixed Asset Type Change transaction.
Enter or select the Fixed Asset Number on the Header you are changing and take the Auto Apply action.
If a composite asset, change the New Asset Type field on the Header to the correct value. Optionally adjust any of the other classification and depreciation information required with the change in asset type.
If not a composite asset, navigate to the Component tab and change the New Asset Type to the correct value on all components that need the change. Optionally change any of the other classification and depreciation information required with the change in asset type.
Make any necessary changes to Header information by completing one or more ‘new’ fields.
Validate the completed Fixed Asset Type Change.
If errors exist, fix the errors and repeat Step 6. If no errors exist, then continue with Step 8.
Submit the transaction.