Can I move fixed assets between funds?

This article explains the steps to move Fixed Assets into a different fund. The process for doing this varies depending on your context, so do read the three scenarios described below to ensure you have selected the right set of instructions.

If you are in doubt about the best method for your organisation, send us a message and our support team will be happy to help.

Note: This article refers to the "old fund" i.e. the fund from which the asset is moving, and the "new fund" i.e. the fund to which the asset is moving.

Ensuring your new fund is set up correctly for Fixed Assets

Inside the fund to which you want to move Fixed Assets (referred to below as the "new fund"), you'll need to have ready:

a Fixed Asset category (to code Fixed Asset purchases to)
an expenditure category (to code depreciation transactions to)

Scenario 1: If the Fixed Asset you want to move forms part of your opening balances and you mistakenly added it to the wrong fund

Warning: you should not typically adjust any financial records in a year for which you have signed off accounts. You should contact your Independent Examiner if you think you need to do this, as you may need to make subsequent declarations in your next set of accounts.

Delete out all depreciation transactions you have added within previous years
Update your opening balances to reflect a change in your old fund and new fund

Note: This may require your opening balances to be unlocked by our support team.

Update your opening fixed assets so these are recorded to your new fund.
Re-add your depreciation transactions, coding them to your new fund

Scenario 2: If the Fixed Asset you want to move was purchased since your opening balances were set up and you mistakenly added it to the wrong fund

Delete out all depreciation transactions you have added within previous years
Re-code your Fixed Asset purchase to the Fixed Asset category in your new fund
Re-add your depreciation transactions, coding them to your new fund

Scenario 3: Due to a policy change, you want to move the Fixed Asset and show this as having moved on ExpensePlus

In this scenario, you shouldn't delete any previous transactions, but follow these steps:

Add a depreciation transaction in the "old fund" for the full current value of the asset. This will:
1. Add expenditure to the old fund (which will be reversed in subsequent steps)
2. Reduce the value of the asset in the old fund to £0.00
In any bank account, manually upload a pair of transactions:
1. One paid in for the current value of the asset
2. One paid out for the current value of the asset

Note: as these transactions are for equal and opposite amounts, there should be no net change to your bank account balance.

Match the income transaction as an Expense Repayment, coded to the same expenditure category as the depreciation in step 1. (This will reverse the depreciation expenditure, meaning there is no net change to your overall expenditure).
Match the outgoing transaction as a new Invoice to Pay from a Fixed Asset category in the new fund for the current value of the asset. This will mean that there is a Fixed Asset balance showing in your new fund.

Important: this invoice to pay must be coded to a Fixed Asset category, not an expenditure category.

Add a fund transfer from the old fund into the new fund to replace cash used to purchase the asset in step 4.

To help you better understand the Fixed Assets module as a whole, please visit the module overview page here.