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Transferring Inventory to Fixed Assets

If you intend to track an inventory item as a fixed asset and perform depreciation, you must first create a fixed asset record. Next, you must perform a fixed asset transfer to move your inventory value to the fixed asset. When you track inventory as a fixed asset, the method used to move the value of the inventory item to the fixed asset is a special transfer called a fixed asset transfer. The fixed asset transfer removes the value from your inventory account and transfers it to your fixed asset account. This account is identified by the fixed asset code assigned to the fixed asset. Note that you should not perform a fixed asset adjustment to move value from inventory to fixed assets; instead, use the fixed asset transfer. Not only does a fixed asset transfer move the inventory value, but it also moves the inventory in your system from the standard warehouse structure to a special fixed asset warehouse.

Because you must transfer inventory to the fixed asset warehouse, you must have previously created a fixed asset warehouse to have it available in your list of warehouses. You should also create an unavailable bin in which to store the fixed assets, and assign the bin you create as the default unavailable bin on the warehouse profile.

Creating a Fixed Asset Warehouse and BinCreating a Fixed Asset Warehouse and Bin

Use these instructions if you have not already created a fixed asset warehouse. If you already have a fixed asset warehouse, proceed to the section below, Performing a Fixed Asset Transfer.

From the Inventory menu, select Warehouses to open the Inventory Warehouses window.

Click [New] to open the New Inventory Warehouse window.

Complete the following fields as appropriate:

Warehouse: Code for the warehouse.

Description: Brief description of the warehouse.

Type: Use the lookup to select Fixed Asset.

Email: Email address associated with the warehouse.

Synchronize address with company address: Check this checkbox to disable the street information and populate your company’s address.

Parent warehouse: Leave the parent warehouse field blank.

Leave the Use parent warehouse for receiving orders checkbox unchecked.

Leave the Copy warehouse settings from field blank.

Click [OK] to save your warehouse.

Select your new fixed asset warehouse from the list, and click [Edit] to open the Edit Inventory Warehouse window.

In the Unavailable bin field, use the drop-down arrow to select New to display the New Inventory Bin window.

In the Bin field, enter a name for the bin.

In the Description field, enter a brief description of the bin.

Click [OK] to save the bin and identify it as the default unavailable bin for the warehouse.

Click [OK] to save the warehouse settings.

Performing a Fixed Asset TransferPerforming a Fixed Asset Transfer

Use these steps if you have already created the fixed asset record and it is listed on the fixed asset list. For more information on creating a fixed asset see the topic, Creating a Fixed Asset. If you have not yet created the fixed asset, first create it and then return to this instruction set.

From the Inventory menu, select Transfers > New Transfer to display the New Inventory Transfer window.

Do ONE of the following:

If your transfer window is labeled, New Inventory Transfer – Quick Entry, do the following:

In the Type field, use the Lookup icon to select Fixed Asset.

In the Item field use the Lookup icon to select your fixed asset item.
Note: This should be the same item you referenced on your fixed asset record.

In the Serial number field, use the lookup to select the serial number you are transferring to fixed assets.

In the Asset field, use the Lookup icon to select the asset associated with this inventory item.
Note: You must have the fixed asset record created, or create the fixed asset from here, to perform a fixed asset transfer.

In the Transfer to region, in the Warehouse field, use the Lookup icon to select the fixed asset to which you will transfer the inventory item.

In the Transfer to region, in the Bin field, use the Lookup icon to select a bin in which you will store the fixed asset.

Click [OK] to complete the fixed asset transfer.
Note: The inventory item is moved by e-automate to the fixed asset warehouse and bin, and also moves the inventory value from the inventory account to the fixed asset account.

If your transfer window is labeled, New Inventory Transfer – Standard Entry, do the following.

In the Type field, use the Lookup icon to select Fixed Asset.

Click [Add] to open the Add Inventory Transfer Item window.

In the Item field, use the Lookup icon to select the item to be transferred from inventory to fixed assets.

In the Serial number field, use the lookup to select the serial number you are transferring to fixed assets.

In the Asset field, use the Lookup icon to select the asset associated with this inventory item.
Note: You must have previously created the fixed asset, or create the fixed asset from here, to perform a fixed asset transfer.

In the Transfer to region, in the Warehouse field, use the Lookup icon to select the fixed asset to which you will transfer the inventory item.

In the Transfer to region, in the Bin field, use the Lookup icon to select a bin in which you will store the fixed asset.

Click [OK] to close the Add Inventory Transfer Item window.
Note: Repeat Steps b through d until you have added all the fixed assets you want transferred to the Items tab.

Click [OK] to complete the transfer of the listed items.
Note: E-automate moves the inventory item to the fixed asset warehouse and bin, and also moves the inventory value from the inventory account to the fixed asset account.