How to transfer Inventory Items to Asset (remove from sellable) and depreciate using Asset Management?

Question

As per titled, how do I transfer an inventory item to asset, removing it from the sell able inventory, and then use the asset management to depreciate the item?

Ray Carnes (ray) · Accepted Answer

1. Create a Location *Transfer Inventory to Fixed Assets* with the correct Asset Account set in it:

2. Record an *Internal Transfer* from your Stock location:

Assuming you have real-time Inventory valution, you will see in Accounting that you get the following Journal Entry:

Damian Phang · Answer

I still have no idea what is the right way to do this. When company purchase something, the item is always added into inventory as we transfer some sell-able products to our own use as company assets and office equipment.
At the moment I'm thinking of:
#1 - Remove manually from inventory the number of units transferred to Asset
#2 - Create manual journal entries, deducting inventory and moving the inventory to the corresponding asset account
#3 - Create the particular asset and designate the dep

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