We strive to increase user productivity for our customers. Starting with 25B, you can streamline asset transfer between asset corporate books belonging to the same ledger. Transfer a fixed asset from one entity, location, or employee to another, across different asset books.
You select between two transfer methods:
- Gross Method: Assets records the asset transfer as a transfer-out transaction in the source book and as a unique transfer-in addition in the destination book.
- Net Book Value Method: Assets treats the asset transfer as a related party sale. It records the transfer as a specific book transfer retirement transaction in the source book and as a unique transfer-in addition in the destination book.
During the transfer, you select either of the following cost basis types to determine the cost and accumulated depreciation in the destination book:
- Cost and Reserve of the source asset: Assets initializes the destination asset with the cost and reserve amount of the source asset.
- Net book value of the source asset: Assets initializes the destination asset cost with the net book value of the source asset. It initializes the depreciation reserve as zero.
Check out Asset Transfer to Another Book to learn more about the new feature and how to enable it.
Conclusion
You can:
- Streamline asset management through seamless asset transfer between books within the same ledger.
- Generate intercompany entries automatically.
- Ensure continuity and accuracy by transferring descriptive and depreciation details to the newly transferred asset.
- Eliminate manual retirement and addition transaction entry in separate asset books.
- Enhance efficiency, reduce errors, and review audit trails.