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

By
Damian Phang
on 1/24/14, 9:23 AM 2,016 views

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?

0
Damian Phang
On 2/1/14, 2:53 AM

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 depreciation #4 - Create a manual internal move and create a new location called <company name="">/Asset

Is this the right method to account for this?

good question. I will wait for answers

Elevenmidia
on 4/29/14, 10:39 AM

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Asked: 1/24/14, 9:23 AM
Seen: 2016 times
Last updated: 3/16/15, 8:10 AM