What Happens When You Transfer an Asset Item

The project for the asset item is updated in the Equipment hub and journal entries are created when you transfer an asset item.

When you transfer an asset item in , the following occur:

• The project that was originally entered for an asset item in the Project field on the General tab in the Equipment hub is replaced with the new project that you transferred the asset item to.
• A journal entry posting log is automatically created for the transfer. You can view and/or print in the Transaction Center.

  Possible general ledger accounts for your GL book that are affected by the transfer are the asset account and accumulated depreciation account associated with an asset item.

  • If you do not use organizations, the only thing that changes is the project number for the asset item.
  • If you use organizations and maintain separate balance sheets by organization: when you transfer an asset item from a project from one organization to a project from a different organization, the asset amount and any accumulated depreciation for the asset item are transferred from the balance sheet accounts from the former project's organization to the current project's organization.

    The organization at the lowest level of the work breakdown structure (for example the task) is used to determine the project's organization.

  • If you use organizations and do not maintain separate balance sheets by organization: when you transfer an asset item from and to projects in the same organization, on the journal entry posting log, you will see the debits and credits for the transfer posted to your general ledger accounts, but the result is no change to the balance in these accounts. The only thing that changes is the project number for the asset item.
  • Although transfers do not create transactions for your general ledger for additional books that you set up for depreciation, you will see the transfers for additional books listed in the journal entry posting log.