A change to the operational unit or site used for the purchase of an asset constitutes an asset transfer in UniFi.

Giving or selling assets to another school, and receiving or buying assets from another school are also forms of asset transfer.

An asset should be transferred prior to its disposal, so that the disposal is recorded under the correct operational unit for reporting purposes. This also ensures the disposal is authorised by the asset owner.

To transfer an asset, complete an asset transfer form (DOC, 63KB) and submit it to Assets (Corporate Finance).

The transferring section should initiate the filling in of the form by completing these portions of the form:

  • Asset ID
  • Asset description
  • Transfer date
  • Transfer amount (original cost or portion being transferred)
  • Old chartfields
  • Transferring section authorisation.

The receiving section should complete the form by filling in these portions of the form:

  • New chartfields
  • Receiving section authorisation.

A finance officer from each opal unit involved must sign the asset transfer form (DOC, 63KB). If the finance officer is the same for the old and new chartfields only one signature is required.

No other asset details are changed when an asset is transferred. The asset ID and tag number will remain the same.

Contact Assets (Corporate Finance) if you have questions about asset transfers.

Assets with multiple old or new chartfields

One asset transfer form (DOC, 63KB) can be used to transfer an asset with multiple old or new chartfields:

  1. Ensure the amount to be transferred is broken up to match the chartfields currently recorded in UniFi.
  2. Enter the various chartfields in the fields provided by using the enter key on the keyboard to create a new line.
  3. Number each amount to be transferred and use the same number on the corresponding chartfields.

See example:

Transfer Amount

1 - $6278
2 - $3722

Old Chartfields

1 - 4017201

2 - 4017301

01

01

New Chartfields 4017401 01

Bulk transfers

To transfer more than 10 assets:

  1. Use the bulk asset transfer template (XLS, 11KB). Instructions for completing it are included in the bulk asset transfer cover sheet (DOC, 58KB).
  2. Submit the Excel bulk asset transfer template and PDF bulk asset transfer cover sheet to Assets (Corporate Finance).

Journals

Processing a journal in the General Ledger module to correct the chartfields of an asset purchase transaction does not automatically update the asset details in the Asset Management module.

An asset transfer form (DOC, 63KB) is required to update the Asset Management module where the operational unit or site chartfields are corrected.

Conversely, updating the Asset Management module by completing an asset transfer form (DOC, 63KB) does not automatically update the General Ledger module.

If required, a journal should be processed to correct the General Ledger module.

The journal ID should be included on the asset transfer form (DOC, 63KB) to enable Assets (Corporate Finance) to match the form up with the transaction.

It is important that the same account code is used for both sides of the journal.

Internal sale or purchase of an asset

If an asset is being sold or purchased within the University:

  1. The seller prepares an internal service charge (ISC) for the agreed upon sale or purchase price using account 409590.
  2. The seller advises the buyer of the category assigned to the assets being sold.
  3. The buyer selects an appropriate expense account based on the seller’s advice.
  4. An asset transfer form (DOC, 63KB) should be completed and submitted to Assets (Corporate Finance). The ISC number should be noted in the Journal ID section of the form so that Assets (Corporate Finance) can match up the payment with the transfer.

Closure of an operational unit

If an operational unit is being closed, all assets currently recorded under it will need to be transferred to an open and valid operational unit before the operational unit can be closed.

Assets (Corporate Finance) suggest transferring the assets to an operational account as they are rarely closed, therefore the assets should not need to be transferred again.

If an asset has been transferred during the month, wait until after the month-end procedures have been run to close the operational unit. If the operational unit is closed before the month-end procedures have been run, the transfer journal will error out.

Assets purchased with Asset Management Plan funding

Assets that are purchased on behalf of a school using Asset Management Plan (AMP) funding must be transferred to the school the assets were purchased for.

Responsibility for the asset is based on the school that purchased the asset, not the location of the asset.