Internal Transfer

This task is a transfer of ‘responsibility,’ but also transfers over asset accounts from the seller (transfer out) to the buyer (transfer in). Here all Accounting Lines of an asset must have the Responsibility Center Posting indication of true. There is no gain or loss recorded and the net book value of the asset does not change.

1. Create an instance of the Fixed Asset Internal Transfer.

2. On the Header:

1. Enter or select the Fixed Asset Number on the Header you are transferring and take the Auto Apply action.

2. Update one or more of the ‘new’ COA fields.

3. If a composite asset

1. Optionally update any of the new custodian and employee fields to complete the transfer.

2. If Depreciation Structure is Manual, enter the amount of depreciation since the Last Depreciation Date into the Depreciation Amount.

3. Navigate to the Component tab and update any of the new location fields to complete the transfer if the asset is not a composite asset.

1. If Depreciation Structure is Manual, enter the amount of depreciation since the Last Depreciation Date into the Depreciation Amount.

4. Validate the completed Fixed Asset Internal Transfer.

5. If errors exist, fix the errors and repeat Step 4. If no errors exist, then continue with Step 6.

6. Submit the transaction.