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?
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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:
capitalize inventory cip
Uh, I did this, and when I open Accounting/Assets it's still empty.
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
have you found a solution to your question? I'm facing the same issue.
I know it's been 6 years since your original post, but any news? :)
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Anyone found solution for this?