Transfer Asset
To transfer an asset, you choose the transfer link for either asset from the Actions column of the Asset Lookup results table. Alternatively, you can choose the transfer link from the Actions column of the Payment Lookup. In both cases, the system displays the Asset Transfer document.
Additionally, the Asset Transfer (AT) document is available from the Asset Payment Lookup screen.
Only active capital
and active non-capital assets are eligible to be transferred. Assets that are
actively on loan are not eligible to be transferred. If the user does
not have the necessary authority, or the asset is not eligible to be
transferred, the transfer will not be underscored in the
Actions column.
The Asset Transfer document is required in these situations:
• When giving or selling capital equipment to another university organization or department. The asset amounts (cost) are reversed out of the current chart/organization plant fund account (balance sheet) and added to the chart/organization plant fund account (balance sheet) to which the asset is being transferred.
• If you are selling an asset to another organization within the university or institution. In this situation, a Transfer of Funds document must be issued. This document records the income and expense for the sale of the asset in the General Ledger but does not move ownership of the asset. Likewise, the Asset Transfer document moves the asset on the balance sheet but does not take into account the financial transaction from the sale of the asset. For this reason, two documents must be issued—Transfer of Funds and Asset Transfer.
Use of the Asset Transfer document is optional in these situations:
• When giving or selling non-capital equipment to another university organization/department. When a transfer document for non-capital equipment is approved, the owner account is changed to that of the receiving organization. Asset transfer documents for non-capital assets do not generate ledger entries nor do they create payment records.
• When giving or selling non-capital equipment to another university organization/department. When a transfer document for non-capital equipment is approved, the owner account will be changed to the receiving organization. Asset transfer documents for non-capital assets do not generate ledger entries or create payment records.
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