¶ Purpose
The Transfer of Assets screen enables users to transfer assets from one unit to another as needed.
¶ Prerequisites
The following transactions must be completed.
- The Prefix Combination Settings need to be updated.
- Access rights must be assigned to the responsible user for the transaction.
- The Asset Master is required.
- The Asset must be capitalised.
- An asset profit and loss account is required.
- GST-TCD mapping is required.
- Depreciation, CWIP and Capital Ledgers are required.
¶ Transfer of Assets
The Transfer of Assets screen allows the user to add details of the asset that needs to be transferred from one location to another.
Navigation: Main – Menu ⇢ Transactions ⇢ Finance ⇢ Finance Entries ⇢ Finance ⇢ Select Financial Year ⇢ Show List ⇢ Assets ⇢ Transfer of Assets
- The user can search for particular details based on the Transaction From (Date) and Transaction Number.
- The Transfer of Assets screen displays details such as the Transaction From (Date) and allows the user to enter details into four sections as listed below.
- Details
- Rev- Exp
- Additional Details
- Attachments
- The Details section displays details such as the Trans No., Date and Invoice Date.
- The user must select the appropriate Sale Type, Profit Centre and Customer from the dropdown list.
- After the user selects the Sales Type, the Invoice No. and Asset section will appear automatically as shown below.
- The Asset section displays asset details such as the Sale Type, Asset Code and Asset Number.
- The user must select the appropriate checkbox for Sale Type from the Asset section.
- Once the user selects the checkbox for Sales Type, the relevant asset details such as the Name, Original Cost, Total Depreciation, Net Value, Sale of Original Cost and Sale Value will appear.
- The user must select the appropriate checkbox for asset details as shown below.
- Once the user selects the checkbox for a particular asset detail, the Amt (Amount) will appear.
- The user can select multiple assets if required.
- The user can select the Cur (currency) Type from the dropdown list.
- Once the user selects Cur Type, the Exchange Rate details will appear.
- The user must select the HSN No. from the dropdown list.
- Once the user selects HSN No., the Tax Amt (Amount), Total Amt (Amount), Duties and Tax Detail (Cr) (Tax Category, Tax Amount, Assessable Amt (Amount) and Account details) will appear.
- The user can enter the Duties and Tax Detail (Cr).
- The user can enter the Credit Period details.
- Click Time Details to view details of Preparation Time and Removal Time if required.
- The Rev and Exp section allows the user to select the Revenue and Expense accounts if required.
- The Additional Details section allows the user to enter additional details if any.
- The Attachment section allows the user to upload attachments if required.
- The Audited checkbox is automatically selected once the authorised person audits the transaction.
- The Edited checkbox is automatically selected after any modifications are made to the existing transaction details.
- Click Save, the transaction number will appear on the left panel of the screen.
¶ Add Asset Details – Using Excel
The Asset section allows the user to select multiple asset checkboxes using an Excel file.
- Click the Excel Import, the following screen appears.
- The user must click on the Attachment symbol to select the appropriate file.
- The user must enter details such as the Sheet Name, Start Row and End Row.
- Click OK to import the Excel (serial number) details, and they will appear in the highlighted section as shown below.
- The user can only upload the serial numbers of assets in Excel.
- Click Select All, to select all asset details displayed in the highlighted section.
¶ Cost Distribution
The Cost Distribution link allows the user to view and edit the expenses of assets.
- The user can search for particular details based on the Transaction From (Date) and Transaction Number.
- The user must select the appropriate transaction number from the left panel of the screen.
- Click the Cost Distribution link, the following screen will appear.
- The Cost Distribution screen displays transaction details such as SI No., Tr. No., Tr. Date, A/C Name, Description, Dr, Cr, Cost and also allows the user to view cost distribution details.
- Click the Edit link, the following screen appears.
- The Cost Distribution section displays transaction details such as the Type, Cost Distribution and Amount details.
Note: The system automatically distributes the cost, and the user can view and modify the distribution if required.
¶ Approve Transaction Details
The Approve link allows the user to approve the added or existing transaction details if required.
- The user can search for particular details based on the Transaction From (Date) and Transaction Number.
- The user must select the appropriate transaction from the left panel of the screen.
- Click Approve, the following message will appear.
- Click Yes, to approve the transaction, and the transaction number will turn green.
¶ Audit Option
The Audit option allows the user to review and confirm details like amount, date, and account information.
- The user can search for existing transactions based on Transaction Number and Transaction From (Date).
- The user must select the transaction number from the left panel of the screen.
- Click the Audit link, the following message will appear.
- Click Yes.
¶ View Asset Details
The Preview option allows the user to view and print the added or existing transaction details.
- The user can search for existing transactions based on Transaction Number and Transaction From (Date).
- The user must select the appropriate transaction number from the left panel of the screen.
- Click Preview, the user must select the appropriate option from the Export To Excel and Export To Open Office options.
¶ Delete Transaction Details
The Delete option allows the user to delete the added or existing transaction details if further transactions are not executed.
- The user can search for a particular transaction based on the Transaction From (Date) and Transaction Number.
- The user must select the appropriate transaction from the left panel of the screen.
- Click Delete, the following message will appear.
- Click Yes, the following message will appear.
- The user must enter the appropriate Comments.
- Click OK, to delete the transaction.
¶ Depreciation Report
The Depreciation Calculation Report screen allows the user to view the cost details of the asset that is transferred from one location to another.
Navigation: Main – Menu ⇢ Transactions ⇢ Finance ⇢ Finance Entries ⇢ Finance ⇢ Select Financial Year ⇢ Show List ⇢ Assets ⇢ Depreciation Calculation Report
- The user can select the Location and Asset Ledger from the dropdown list.
- The user must select the appropriate Asset from the dropdown list.
- The user can select the As On (Date) from the dropdown calendar.
- The user must select the checkbox for Calc. Based On Capitalization Date for Addition.
- Click Refresh, to search for a particular asset detail.
¶ Functional Use Cases
| Sl No. | Use Case | Business Scenario | Functional Outcome in ERP |
|---|---|---|---|
| 1 | Transfer Assets Between Units | A user needs to transfer an asset from one business unit or location to another. | The system records the transfer and generates a unique transaction number. |
| 2 | Add Asset Details Using Excel | A user wants to import multiple asset records at once instead of entering them manually. | The system imports asset details from the uploaded Excel file and updates the transaction. |
| 3 | Distribute Asset Costs | A user must review or adjust expense allocation for transferred assets. | The system displays debit, credit, and cost distribution details and updates records when changes are saved. |
| 4 | Approve Asset Transfer | A user needs to confirm transfer details before they are finalized. | The system marks the transaction as approved and changes the transaction number color to green. |
| 5 | Audit Asset Transfer | A user must verify transaction details such as amount, account, and date for compliance. | The system confirms the audit and records verification status. |
| 6 | View or Print Transfer Details | A user wants to preview or export transaction details for reporting. | The system shows transaction details and allows export to Excel or Open Office. |
| 7 | Delete Unapproved Transfer | A user needs to remove a transaction that was created in error or remains unapproved. | The system deletes the transaction after user confirmation and records comments. |
¶ Use Case Scenario
- Click here for a detailed use case scenario.
¶ Transaction Checklist
| Step | Checklist Item | Details / Purpose |
|---|---|---|
| 1 | Verify Prefix Combination Settings | Ensure mandatory prefix settings are configured for asset transactions. |
| 2 | Check User Access Rights | Confirm the user has appropriate access rights for Transfer of Assets transactions. |
| 3 | Confirm Asset Master Setup | Verify that asset details (codes, descriptions, etc.) have been correctly created in the Asset Master. |
| 4 | Verify Capitalisation Status | Ensure that the asset has been fully capitalized and is not in CWIP (Construction Work in Progress). |
| 5 | Check Asset P&L Account | Confirm that the Profit & Loss account related to asset disposal or transfer is available and configured. |
| 6 | Confirm GST-TCD Mapping | Verify that the tax configuration (GST-TCD mapping) is set up for the asset category. |
| 7 | Verify Depreciation Ledger | Ensure that the depreciation ledger is correctly mapped for the asset being transferred. |
| 8 | Validate CWIP and Capital Ledgers | Check that CWIP-related and capital ledger accounts are maintained and posted. |
| 9 | Ensure Asset Location Details | Validate that the current and destination asset location codes exist and are active. |
| 10 | Ensure Asset is Not Blocked | Confirm that the asset is not blocked for disposal or transfer due to audit or other process constraints. |