Transferring Assets from Projects

Kinetic ERP
1

I am looking for some help on transferring an asset from a Project. I added the asset and am trying to add an asset addition. I selected the type as transfer and put in the job number but it wants a valid part number. When operations set up the part number on the job they didnt use a real part, they used a part number on the fly. I suspect perhaps this was incorrect but cannot find any helpful information.

Has anyone successfully transferred an asset from a project?

Thank you!

2 Likes
2

Have you tried creating an actual Part record that was created as a part omn the fly and then transferring it from the project to stock?

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3

If transferring asset from job then you should have a part number. Asset transfer addition does not work without a part number.

4

Thank you! I had operations create the part number, my issue now is how to get the costs from the project onto the part number? When I try to create the asset from the part number the cost is showing as zero. Iā€™m sure there is a step missing on how to get the costs that have accumulated on the project to the part number itself.

5

Hi

You have to receive the job to inventory in the new part this will bring the cost of the job into the part assuming the part is average costed. Once you have cost in the part you can use Asset addition with type transfer and select the part and quantity this should transfer the cost from inventory part to asset.

Happy to jump on a call and discuss further if required

Thanks
Mufaddal

6

Hi Muffadal,

Thank you for your reply. I cannot transfer the job to inventory because the job was set up as a project job. I am getting an error saying the job is not a manufacturing job. Is there another way?

Thank you!

7

If the jobs are classified as project jobs, you can close both the job and the associated project to transfer the WIP balance to the COS/variance account. Next, map the COS/variance account to asset clearing. After completing this step, utilize the Asset Addition process to move the amount from the project, effectively adding it as an asset. This procedure ensures that the cost is transferred from asset clearing to the final asset account.