[Concept and How to] Transfer Fixed Assets in MSD365 FO

Dear Dynamics 365 Lovers,

I hope this article will help you regarding the Fixed Asset transfer concept.

What is Fixed Asset Transfer?

Sometime for companies it is a very common practice to transfer the ownership to another accounting distribution/department/ business unit etc., and for that accountant needs to book an entry for that for reference purpose.

Let’s explore how we can achieve this.

Pre-requisite

1. Before transferring fixed asset, accountant need to make sure, the fixed asset is already acquired (Open state), otherwise system won’t allow to transfer.
2. Make sure the Fixed Asset Transfer number sequence is setup in Fixed Asset parameter- Number Sequence- Fixed Asset Transfer

Business Scenario

Fixed Asset is BMS Card and 'Current dimension' and 'to be dimension' Financial dimensions are added below.

Accounting transactions will be for this transfer as follows

Fixed Asset BMS- CC VAS1- BU 01 (-500)

Fixed Asset BMS- CC Cost Center WB - BU 03 (+500)

Now, Select fixed asset BMS Card and from fixed asset option in action pane, select ‘transfer fixed assets’

The below screen will appear, from here, user can review the ‘current’ and ‘to be’ values before update, also 'Transfer Comment' can be added on the same screen.

Once validated, click on update

The below screen will appear, this is final review before making a transfer transactions, once validated click 'transfer'

The operation is completed 

Lets now validate the transactions 

Select the Fixed asset and books which were transferred and now we can see the dimensions are changed as per the expectation.

Now check the transactions posted against the transfer from fixed asset transactions 

It will show as "Asset Transfer"

We can check the voucher form here, click on 'details'

User can see the ledger account was transferred from and to with amount

From "Review transfer history" the transaction can be seen as well

We can see the fixed asset transfer history from the screen below.

That's it for this blog, I trust this will some light into your area if not already explored.