Fixed assets in the public sector
This article describes the fixed assets functionality that is available for public sector.
What do I need to know about disposing of fixed assets?
Public sector organizations can use scrap and sales proposals to dispose of more than one fixed asset at a time.
Why do I have to enter transfer-from and transfer-to accounts when I transfer fixed assets between funds?
Public sector organizations typically require balanced entries for the financial dimension used to designate funds. When you transfer fixed assets between funds, if the fund dimension requires balanced entries, the transfer-from and transfer-to account fields on the asset transfer page are required.
This is not a property of fixed assets or of funds. Rather, it’s a property of the financial dimension. When you transfer a fixed asset, if any financial dimension associated with the asset requires balanced entries, the transfer-from and transfer-to accounts are required.
The transfer-from and transfer-to accounts are not the accounts in which the fixed asset’s net book value is held. Rather, the transfer-from and transfer-to accounts are the main accounts used to balance entries in financial dimensions. They are used only when a financial dimension for the fixed asset requires balancing. The transfer-from account will have a debit entry, and the transfer-to account will have a credit entry.
For details, see Funds in the public sector.