Transfer assets to a new client at Net Book Value (NBV)
When a business is sold and you want to transfer the assets to a new client with the cost basis being equal to the Net Book Value (NBV) of the assets at the time of transfer, follow these instructions. Fixed Assets CS doesn't have an automatic way of doing this transfer.
As an alternative, you can use the Import/Export feature within Fixed Assets.
- Create a custom report by selecting theImport Spreadsheetas the template and adding theNet Book Valuefield for all treatments that will be imported (for example, Tax, Book, etc.). Also add all of the associations that have been set up that will be needed in the new client.
- SelectUtilities, thenExport Asset Datain the original client and export the custom report created in Step 1.
- Open the new client and selectUtilities,Import Asset Detail, thenExcel Spreadsheet.
- Go to the spreadsheet and create the Field Mapping. Map the NBV column on the spreadsheet as theCostfield.
- Map the other fields appropriately and import the spreadsheet.noteThe assumption is that the assets are starting a new depreciable life and prior depreciation is not being imported.
