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Inventory to Fixed asset

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Posted on by DONNALAING

I have an item in inventory and would like to convert it to a Fixed Asset what is the best way of doing this? Is it via a negative stock journal or is there another way of doing it.

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black_s 323 on at

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RE: Inventory to Fixed asset

Hi,

Change the inventory adjustment account of the item in the Gen. Posting Setup to the asset cost account then do a negative adjustment thus causing below

Dr. Asset Account

Cr. Inventory Account.

Then create the fixed asset card and do an acquisition using fixed asset journal. Ensure the G/L integration is turned off for this step
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Inge M. Bruvik 32,748 Super User 2024 Season 1 on at

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RE: Inventory to Fixed asset

There is really no good process of doing that.

It also depends on the regulations you have to follow.

Here I have sometimes used an approach where i create an internal customer. Create a sales invoice for the item. Use the sales invoice to create a purchase invoice for the fixed asset,

Then manually post between my internal customer and internal vendor so the A/R and A/P are balanced.