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 in Vision and you maintain separate balance sheets for each organization.	You set up organizations and their balance sheet options in Configuration > Organization.
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 Equipment Info Center 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 Project Info Center.
You do not have multiple companies in Vision 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 Info Center.
Asset item A has been depreciated, and its accumulated depreciation is $400.	Depreciation has been processed for asset item A in Asset Management > Depreciation. The accumulated depreciation for the asset item is listed in the History grid on the History tab in Asset Management > Asset Review.

Transfer the Asset Item

In Asset Management > Transfer/Split Processing, 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.
• Enter a transaction date in the Transaction Date field.
• 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 Info Center.
• 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 Transaction Center > Posting Logs.