NetAsset - Transferring pending assets

Overview

NetAsset can transfer a Pending asset (one that has been created but not yet capitalized) to a new subsidiary, department, class, location, or custom segment. The transfer books one journal that moves the clearing and construction-in-progress (CIP) balances tagged to the asset into the same accounts under the new segmentation, so the asset capitalizes from where it now sits.

A pending asset transfer can be started from the Transfer button on the asset record, from an approved transfer proposal, or from the Transfer Assets page.

Prerequisites

Asset transfers must be enabled in NetAsset Setup (the Transfer Asset quick access button setting).
Allow Pending Asset Transfers must be checked under the Transfer settings in NetAsset > NetAsset Setup > System Setup. It is off by default.
The asset must have an In-Service Date (or an Acquisition Date, if your Capitalization Date setting uses the acquisition date).
To transfer to another subsidiary, intercompany payable and receivable accounts must be set on the asset type or entered on the Transfer page.

Step-by-step process

Transfer a single asset

Open the Pending asset record and click Transfer.
Select the new Subsidiary, Department, Class, Location, or custom segment.
Review the Effective Transfer Date. It is filled in and locked automatically (see Limitations / callouts below).
Click Transfer.

Transfer in bulk

Navigate to NetAsset > Update or Modify Assets > Transfer Assets. Pending assets appear in the list once the setting is on.
To process proposals instead, click Switch to Proposals and select the approved proposals for Pending assets.
Click Transfer.

On a transfer proposal for a Pending asset, the transfer date is filled in and locked the same way.

Reverse a pending transfer

On the asset record, or on the most recent Complete transfer proposal, click Reverse Transfer.
Confirm the prompt. The transfer journal is deleted and the asset's previous segmentation is restored.

Limitations / callouts

The effective date is not a choice

A Pending asset can only be transferred in the period it capitalizes in. The Effective Transfer Date is set from the In-Service Date (or Acquisition Date, depending on your Capitalization Date setting) and is grayed out, even when prior-period transfers are enabled. If that period is closed or locked, the next open period is used.

No schedule lines are created

A pending transfer does not create depreciation schedule lines. It updates the asset's segmentation, books the journal, and writes a transfer record. Because of this, the transfer does not appear on NetAsset's schedule-based reports such as the Asset Register. The journal is a standard NetSuite transaction and does appear in GL reporting.

No asset type changes or merges. The Asset Type field is hidden on the Transfer page for a Pending asset. Change the type on the asset record instead, and capitalize the asset before merging it.
Same base currency only. A Pending asset can only move to a subsidiary with the same base currency. Capitalize it first to move it across currencies.

Troubleshooting

Message	What to do
Pending assets cannot be transferred. Enable Allow Pending Asset Transfers...	Check Allow Pending Asset Transfers in NetAsset Setup.
Enter the In-Service Date (or Acquisition Date) of the asset before transferring it...	Add the date to the asset, then transfer.
There is no open accounting period on or after [date]...	Open an accounting period on or after the capitalization date.
The journal of the previous transfer of this asset has not posted...	Approve the earlier transfer journal, or reverse that transfer.
A Pending asset can only be transferred to a subsidiary with the same base currency...	Capitalize the asset before transferring it to that subsidiary.
Set the intercompany payable and receivable accounts on the asset type...	Add the accounts to the asset type, or enter them on the Transfer page.