How is asset transaction information preserved when an asset is transferred from one company to another in Fixed Assets?

plumbline consulting

The transfer option currently only works with companies that are all in the same application database. We do not transfer each and every individual transaction line from company to company but rather we summarize all the transactions by type and create an entry in the “old” and “new” based on the summarized amounts.

The transactions prior to the transfer period remain in the old company, and after the transfer, the asset will appear on the FA Trial Balance reports as if it was retired with zero cost and zero depreciation.

Asset Location History is also updated with the Transfer record. The transferred asset is given a new asset ID in “new company”. This is to preserve the transaction history in the old company. The asset in the old company is given a status of “Transferred” and cannot be processed by the depreciation screen.