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Fixed Asset - Asset class transfer during the year

Feb 13 at 09:54 AM

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Hi All,

We can transfer fixed assets from one class to another using fixed asset transfer --Asset class option. However this can only be done 1st day of financial year.Asset cost and accumulated depreciation till the end of the last financial year will be transferred to the GL accounts of the new asset class. However, if you perform the asset class transfer during the year, any depreciation recorded under accumulated depreciation (under indirect method) is not transferred. Is there anyway to do a asset class transfer during the year that adjusts cost and accumulated depreciation?

thanks

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