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How to Transfer a Fixed Asset Between Cost Centres

xAssets Fixed Asset Management User Guide
How To

How to Transfer a Fixed Asset Between Cost Centres

This page explains how to transfer a fixed asset from one cost centre to another in xAssets. Cost centre transfers are common when assets are relocated between departments, business units, or sites. Transferring the cost centre ensures that depreciation charges and financial reporting are attributed to the correct part of the organisation.

Before You Begin

  • Ensure you are in the Fixed Asset Management profile.
  • Know the target cost centre for the asset.
  • Consider whether the transfer should be backdated or effective from today. The date you make the change determines which period's reports reflect the new cost centre.

Step-by-Step Procedure

Step 1: Navigate to the Asset

Open the asset by navigating to Asset Register > By Category, By Location, By Custodian, or By Supplier. Click the blue link on the asset description to open the asset editing screen.

Step 2: Change the Cost Centre

  1. In the asset editing screen, locate the Cost Centre field.
  2. Click the field to open the cost centre lookup.
  3. Select the new cost centre from the list or hierarchy.
  4. Click Save to apply the change.

Step 3: Transfer Multiple Assets (Bulk Update)

To transfer several assets at once:

  1. Navigate to an asset list and select the assets to transfer using Shift+Click or Ctrl+Click.
  2. From the Actions on Selected Records menu, choose Bulk Update Assets.
  3. In the bulk update screen, change the Cost Centre field to the new cost centre.
  4. Click OK to apply the change to all selected assets.

Step 4: Verify the Transfer

After transferring, verify the change by:

  1. Running the Depreciation by Cost Centre report to confirm the asset now appears under the new cost centre.
  2. Opening the asset record to check the cost centre field shows the correct value.

Impact on Financial Reporting

  • Depreciation charges for the transferred asset will be reported under the new cost centre from the current period onwards.
  • Historical transactions remain attributed to the original cost centre. The transfer does not rewrite history.
  • Budget vs. actuals reports may be affected if you track budgets by cost centre. Check your budget entries after transferring significant assets.

Important Notes

  • Cost centre transfers in xAssets are a data change on the asset record. There is no separate "transfer transaction" unless your organisation's configuration includes one.
  • If your organisation uses nominal codes that vary by cost centre, verify that the correct nominal codes will be used for future depreciation entries after the transfer.
  • For audit purposes, the asset's change history records when the cost centre was changed and by whom.