Asset Transfer

Overview

When you click Transfer from the Actions column in the Asset Lookup and Asset Payment Lookup results, the Asset Global document opens - Asset Transfer Information, Location and Organization tabs are editable. 

Only active capital and active non-capital assets are eligible to be transferred. 

The Asset Transfer document is required to perform the following actions on capital assets: 

• Give 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.
• Sell 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.

Asset Transfer Information

Use this tab to identify the new organization owner and to indicate if an interdepartmental sale occurred. 

• Organization Owner Chart Of Accounts Code and Account Number: Enter the chart and account number for the receiving organization. Organization Code will display based on the chart code and account number.
• Interdepartmental Sales Indicator: Check the checkbox if the asset transfer is an interdepartmental sale. Leave it blank if it is not. Checking this box makes an entry in the Transfer Of Funds Financial Document Number field required.
• Transfer Of Funds Financial Document Number: Required when the Interdepartmental Sales Indicator is checked. Enter the Transfer of Funds document number used to transfer the funds,. (This entry is for reference only.)

Asset Location

Use this tab to update the information for both on-campus and off-campus locations.

The asset type code and asset status determine what information is required on the Asset Location tab. The asset status is used to identify whether the asset is capital or non-capital.

• Asset type codes where the Moving Indicator = Yes
  • Require a building code and a room number or
  • Require an off campus address that includes name, address, city, state, postal code, and country.
• Asset type codes where Required Building Indicator = Yes
  • Require a building code. Room number is not required.
• Any asset type code with both the Moving Indicator and Required Building Indicator = No
  • Require a campus code but no building or room number. 
• Building code and room number for non-capital assets are not required, but must be valid if used.

Organization Information

This tab may be used to update the organization information. These are a subset of the fields available on the Asset (refer to Asset - edit for more information). The additional fields can be added by editing the asset if desired. 

Business Rules

• The asset status code must not be included in parameter RETIRED_STATUS_CODES.
• Non-capital assets can be transferred when the asset status is in ASSET_STATUSES_EXCLUDED and there are no payments OR the object sub-type assigned to the object code on the last payment is in parameter NON_CAPITAL_SUB_TYPES.
• Capital Assets can be transferred when the asset status code is in CAPITAL_ASSET_STATUS_CODES.
• Transfer entries are generated on the plant fund account. The proper plant fund account number is determined by both the financial object sub-type code and the organization code of the account. Each account number is assigned to an organization, and each organization has been assigned two plant fund account numbers.
  • The organization plant fund chart and account number is used for movable equipment. This rule applies to financial object sub-type codes contained in parameter ORGANIZATION_SUB_TYPES.
  • The campus plant fund chart and account number is used for non-movable equipment. This rule applies to the financial object sub-type codes contained in parameter CAMPUS_SUB_TYPES.
• Payments for federally or other-owned assets do not create ledger entries. This rule applies to the financial object sub-type codes contained in parameter FEDERAL_OWNED_SUB_TYPES.
• Financial object sub-types contained in parameter SUB_TYPES are excluded from the aforementioned financial object sub-type codes because it is used to record the liability of the capital lease. The actual asset is created with the appropriate financial object sub-type code.
• Offsetting payments are created for existing payments. New payments are created using the (receiving) account number. The document type is set to AT, and the payment document number is assigned to the asset transfer document number.
• Original payment and the offset payment will have the transfer payment code set to Y. The payment for the new (receiving account) will have the transfer payment code set to N. The Y code allows the old payments to be excluded from depreciation.
• The owner organization chart code, account, organization, and location fields for the asset are updated.
• The last inventory date is updated to the date the Asset Transfer document was approved.

Routing

The document routes to the fiscal officer or delegate assigned to the account in the Asset Information tab of the document.