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Greetings ,
i need to know how to transfer Inventory to Fixed Assets with it's other cost like expanses spent on the asset to make usable
thanks
Hi Mohamed,
If you want to avoid the average cost issue then you can do the following:
Create a purchase order and select the fixed asset that has been created in the fixed assets line tab of the purchase order.
Once you post the invoice, the fixed asset acquisition will be posted.
If you receive another invoice later on, create another purchase order, select the same fixed asset in the fixed asset tab in the line section of your purchase order and select the transaction type acquisition adjustment.
This should do the job and be in line with your accounting standards.
Best regards,
Ludwig
Hello Ludwig.
1- in the case of taking the average cost of an item to transfer it to fixed assets the deference between the regional asset cost and its cost in inventory will effect its Depreciation expense and cant find this in IFRS.
2- in the case of adding other expanses like ( customs , technical )to a fixed asset until it reaches it's operational stat unfortunately i cant find a way except to use other account to accumulate the asset cost and expanses and then transferring it all to fixed assets with a GL entry if there is any other way it will help to incress internal control
thanks
Hello Mohamed,
Has your question been answered or do you need any other information / help / workaround?
Would be great if you could keep us informed.
Many thanks and best regards,
Ludwig
Hello Mohamed,
If the amount of expenses you spend on the Item is significant you may consider using an Investment Project.
docs.microsoft.com/.../about-project-types
Thanks, Kaushik
This post is my own opinion and does not necessarily reflect the opinion or view of my company or Microsoft.
P.S:- Please mark the answer as verified if it has helped in resolving the issue.
Hello Mohamed,
The transfer inventory to fixed asset functionality takes the average inventory price. This is something you cannot influence.
If you want to have the purchase price transferred to a fixed asset then you can make use of a purchase order that links to your fixed asset. Doing that will ensure that the purchase price and not the average inventory cost price will be used for posting the fixed asset acquisition.
Best regards,
Ludwig
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