Overview of steps involved in transferring assets
An asset transfer is a movement of an item of plant and equipment from one fund/department to another using the Asset Cost Adjust/Transfers function of the ESP Assets Management System (ESP). The business unit that is receiving the asset is responsible for processing the transfer in ESP.
An asset may be transferred at no cost to the receiving fund/department or for an agreed contribution. As the transfer occurs within ANU, the value of the asset from the whole of ANU perspective remains the same.
When transferring an asset, the necessary steps are to:
- Complete the Transfer of an Asset within The University form;
- Obtain a screen dump of ESP, Use-Asset Depreciation. Enquiring in this screen will provide relevant cost and other information about the particular asset being transferred. Attach to the related journal entry;
- Process Journal Entries (JEs) in the ESP General Ledger to account for the transfer of the value of the asset as a cash contribution where applicable;
- Process the ESP transfer transaction; and
- Forward the completed Transfer of an Asset within The University Form and supporting documentation to Statutory and Management Reporting (SMR), Finance and Business Services, Chancelry 10C.
The above steps should be completed for all transfers of assets, regardless of whether the transferring and receiving sections operate within the same business office or school. If the transfer is between departments or sections with the same business unit, only the fund, department and project/grant fields within the Chartfield need to be changed. It is not necessary to enter any information on the Transaction Info or Other Transfer Info Panels.