Asset Transfers: General Information

When you create a fixed asset, you assign it to a specific company department in one of the company branches. The branch and the department to which a particular fixed asset belongs are shown on the General tab of the Fixed Assets (FA303000) form for the selected fixed asset. If the location of the fixed asset changes, you need to transfer the fixed asset from one department to another, or from one company branch to another.

Learning Objectives

In this chapter, you will learn how to do the following:

  • Transfer fixed assets
  • Release transfer transactions

Applicable Scenarios

You transfer a fixed asset in the following cases:

  • A department of your company gives an asset to another department. For example, you might move a computer from one location or department to another, or change the owner of the building.
  • An asset is moved from one branch to another.
  • The asset class of an asset is changed. For example, a building that was under construction is ready for use and you need to move it from the asset class for under-construction assets to the Building asset class to start depreciating it.

Fixed Asset Transfers

There are two possible ways of performing asset transfer in MYOB Acumatica:

  • Individual asset transfer: You can change the location of an individual asset on the Fixed Assets (FA303000) form. You can use this option to change the custodian of the asset or to move the asset within the branch. The date of the transfer transaction, which is generated by the system when the asset is transferred, is the current business date. You cannot specify a transfer period on the Fixed Assets form; the system creates the transfer transaction in the period following the period of the latest depreciation. For details, see Asset Transfers: Process Activity.
  • Mass-transfer of assets: You can transfer any number of assets from one location to another by using the Transfer Assets (FA507000) form, where you can select the date and period of the transfer before starting the transfer. You can use this form for inter-branch transactions. For details, see Asset Transfers: Process Activity.
    Note:
    The following assets cannot be transferred on the Fixed Assets and Transfer Assets form:
    • Assets with the Suspended and On Hold statuses
    • Assets with the Active status in the posting book, whose Depr. to Period specified on the Balance tab of the Fixed Assets form is later than the Transfer Period specified on the Transfer Assets form

If the Multiple Base Currencies feature is enabled on the Enable/Disable Features (CS100000) form, assets can be transferred only between the branches with the same base currencies. If the currencies are different, an asset has to be disposed of in the source branch on the Dispose Assets (FA505000) form and acquired in the destination branch on the Fixed Assets form.

All final asset transfers affect the general ledger. After release of a fixed asset transaction reflecting the transfer, a historical record of the transactions is created. You can view the details of this record on the Locations tab of the Fixed Assets form, in the Transfers (FA640000) report, and in other reports.

Categories of Asset Transfers

In MYOB Acumatica, any transfer of assets falls into one of the following categories:

  • Non-accounting: Some transfers of fixed assets are solely related to their physical location, such as building or department, and they do not affect fixed asset accounts. This category includes any changes in the Branch, Building, Floor, Room, Custodian, and Department boxes on the General tab (Tracking Info section) of the Fixed Assets (FA303000) form.
  • Accounting: Other transfers of fixed assets involve changes to the GL accounts that store the cost and the accumulated depreciation balance. Once the account is changed, all the actual costs and depreciation amounts will be posted to the account and subaccount of the new location and owner of the asset. This category includes the following changes to the asset on the Fixed Assets form: any changes to the accounts and subaccounts on the GL Accounts tab, and the selection of a class in the Asset Class box on the General tab (Asset Summary section).

When a user saves a change in one of these categories, the system creates an additional location record or revision for the asset and logs this record on the Locations tab of the Fixed Assets form.

The most recent revision is also updated with changes in the following boxes on the Fixed Assets form:

  • Depreciation Expense Account (GL Accounts tab)
  • Depreciation Expense Subaccount (GL Accounts tab)
  • Proceeds Account (GL Accounts tab)
  • Proceeds Subaccount (GL Accounts tab)
  • Gain Account (GL Accounts tab)
  • Gain Subaccount (GL Accounts tab)
  • Loss Account (GL Accounts tab)
  • Loss Subaccount (GL Accounts tab)
  • Reason (General tab, Tracking Info section)