Summary

The Transfer process is a batch approval process that allows you to change the location and class of an asset. You can process only one asset at a time.

The process will transfer out the book value of an asset using the general ledger accounts set up on the class of the asset and then transfer in the book value amount to the general ledger accounts of a selected asset class.

If you do not want the transfer process to be an approval process, assets can be manually transferred from the asset maintenance window in the Fixed Asset Maintenance window (FA> Maintenance> Fixed Asset). Manual transfers will not create a journal entry, and there will be no record of the transfer.

Step by Step

1     Open or create a Transfers batch.

• Select the Transfers palette in FA> Transfers. This will expand the Transfers palette and display the steps of the Transfers process.
• Modify an existing batch or create a new Transfers batch.
  • Select a batch number from the drop-down menu at the top of the palette to select an existing batch.
  • Select New from the Transfers batch number drop-down menu to create a new batch. This will open the New Batch window. 
    • The Batch Month and Batch Year of the Transfers batch is used for reference only and is not necessarily the fiscal month and year the transactions in the batch will be posted to.
• Click the Save icon or press ENTER to save the batch.

2     Transfer the assets.

• Open the Transfer window (FA> Transfers> Transfer).
  • You can process only one asset at a time using this process.
  • Enter an asset number or click the Asset field label to select one from a list.
  • Enter a Trans Date. The Transaction Date will not determine the fiscal period and year the transfer is posted to.
  • Select the New Location in the drop-down menu.
    • Locations are set up in the Location Maintenance window (FA> Maintenance> Location). Locations set up in other modules, such as inventory locations in Inventory Control or shipping locations set up in System Setup will not display in the drop-down menu. 
  • Select a New Class from the drop-down menu. This field will not default to the current class attached to the asset.
    • The selected class must have an Asset, Fixed Asset Investment and Accumulated Depreciation general ledger account set up. You can set up and view the general ledger accounts attached to a class in the Class Maintenance window (FA> Maintenance> Class> Maintenance section). 
    • The account class selected in this drop-down menu will determine the general ledger accounts used when transferring the asset.
    • The transfer process will transfer out the book value of the asset using the general ledger accounts set up on the original class of the asset and transfer in the book value amount to the general ledger accounts of the asset class selected in the drop-down menu.
      • If you have manually changed the general ledger accounts attached to an asset in the Fixed Asset Maintenance window (FA> Maintenance> Fixed Asset> Accounts tab), then those general ledger accounts will be used to transfer out the asset. If these general ledger accounts have been changed since the asset has been installed you may be able to create unbalanced general ledger when you transfer the book value out of a general ledger account that never contained the original book value of the asset. This will apply to assets that you have created journal entries for when you installed the asset.
    • By attaching a new class to the asset you will change the general ledger accounts attached to the asset in the Fixed Assets Maintenance window (FA> Maintenance> Fixed Asset Maintenance> Accounts tab).
• Click the Confirm icon when complete.

3     Print the GL Distribution Report.

• Open the Print GL Distribution window (FA> Transfers> GL Distribution).
• Enter a Journal Entry Date. The journal entry date will determine the fiscal period and fiscal year the journal entries will be posted to.
• Select a detail option for the report.
  • The summary option will display the general ledger account number, the general ledger account description and the net transaction amount. The report will be grouped and totaled by fund.
    • The net transaction amount will display the net effect on the general ledger account, not the line item detail.
  • The detail option will display the general ledger account number, the general ledger description, debit amount, credit amount and net transaction amount. The detail report will be grouped and totaled by GL account and fund.
• Check the Subtotal by Dept toggle to include department totals on the report.
• Click the Print icon   to process the report immediately or enter a date and time in the field next to the Print icon to schedule the report to generate at a later time. You can view the progress of the report on the Job Viewer window (SS> Utilities> Show Scheduled Jobs).
  • Click the Print icon drop-down menu and select Print Preview to preview the report before printing.
  • Click the Print icon drop-down menu and select Excel to export the report data to an Excel spreadsheet as unformatted data.
  • Click the Print icon drop-down menu and select Excel (Formatted) to export the report data to an Excel spreadsheet that includes much of the Springbrook formatting found on the printed version of the report.
  • Once the report is generated, you can also display the report using the View Reports window (SS> Utilities> View Report). 

4     Commit the Transfers batch.

• Open the Commit Transfers window (FA> Transfers> Commit).
  • Once you have committed a transfer you cannot roll-back the transaction.