For items paired to a Work in Progress account in the AutoRec Depreciation Module, or items that don't currently have a set start and end date, you can Transfer them to the necessary account (this process was formerly known as Reclassing).
On the Assets tab, select the account that you want to transfer from, tick the box next to a single asset, or select multiple assets to be transferred on the same date, and click on the Transfer button:
In the pop-up window, you can:
1. Select the transfer date
2. Select the account to transfer the asset(s) to
3. Enter a start and end date or useful life
4. Enter an explanation for the transfer
5. Click on the Save button to finalize the transfer
The asset(s) will then be removed from the account and added to the account you chose to transfer them to. A record of this Transfer will be captured on the Transfer tab:
The balance transfer will also be captured on the Rollforward tab under the Transfers column:
The Export will display the above information as well, including the Explanation for the transfer. A journal entry will also be created on the Journal Entry tab of the export for each transferred item:
Frequently Asked Questions
Q: Didn't this feature used to be called Reclassing?
A: Yes, the Reclass feature has been replaced by the Transfer feature. Historical reclassed transactions will now appear in the Transfers column, even in past periods, which will be reflected automatically if a new Export is generated.
Q: Why can’t I transfer this specific asset?
A: If an asset has a start date and an end date, it can’t be transferred. Only items (typically items in WIP accounts) that aren’t in service can be transferred. Additionally, transferring is not allowed when there is only a single asset pairing assigned in the reconciliation group.
Q: Why can’t I transfer an asset to a specific account?
A: The account may not be part of your account group, or it might be unpaired. Please ensure that the account is part of your Fixed Asset account group and that it has been paired under the Settings slideout.
Q: Can you undo a transfer?
A: While there isn't a button to undo a transfer, you can always reset the period that the transfer occurred in and re-roll forward from the previous period, since that will undo all of the changes that occurred in that period.