Example of Transferring an Asset Item
In this example, asset item A is transferred from project P1 to Project P2.
Scenario
| Description | Additional Notes |
|---|---|
| You use organizations and you maintain separate balance sheets for each organization. | You set up organizations and their balance sheet options in . |
| You want to change the project that is entered for asset item A from project P1 to project P2. | Project P1 displays in the Project field on the General tab in the Equipments hub for asset item A. |
| Project P1 belongs to organization O-1. Project P2 belongs to organization O-2. | A project's organization is determined by looking for the organization at the lowest level of the work breakdown structure for a project (for example the task).
The organization for a task is entered in the Organization field on the General tab in the Projects hub. |
| You do not have multiple companies or, if you have multiple companies, project P1 and project P2 belong to the same company. | |
| Asset item A's acquisition cost is $5,000. | The $5,000 acquisition cost displays in a row in the Acquisition Cost grid on the GL Cost tab in the Equipment hub. |
| Asset item A has been depreciated, and its accumulated depreciation is $400. | Depreciation has been processed for asset item A in in the desktop application. The accumulated depreciation for the asset item is listed in the History grid on the History tab in . |
Transfer the Asset Item
In
, you enter the following on the Transfer/Split Processing form and then click
Run on the toolbar:
- In the Asset field, select asset item A.
- In the Action field, select Transfer.
- In the Transaction Date field, specify the transaction date.
- In the Transfer To grid, add a row and select project P2 in the New Project field.
After the Asset Item is Transferred
After you run transfer processing for asset item A, the following occur:
- Project P2 now displays in the Project field on the General tab in the Equipment hub.
- The following journal entry was created automatically for the transfer:
Balance Sheet Account Debit Credit Asset Account for Organization O-1 (for the former project P1) $5,000 Asset Account for Organization O-2 (for the current project P2) $5,000 Accumulated Depreciation Account for Organization O-1 (for the former project P1) $400 Accumulated Depreciation Account for Organization O-2 (for the current project P2) $400 - You can view and/or print the journal entry posting log in the Transaction Center.