Recategorizing Assets - 24b
Purpose: Use this document as a reference for recategorizing asset information in ctcLink.
Audience: Financial Asset Manager, Facilities Asset Manager
To recategorize an asset, you change the asset category or cost type. For example, you might need to recategorize an asset because you assigned an incorrect asset category or cost type during asset entry. Perhaps you created a new category or cost type to which you want to transfer existing assets. Recategorizing assets affects depreciation; therefore, you must run the depreciation calculation and accounting entry creation processes.
Navigation: Main Menu > Asset Management > Asset Transactions > Financial Transactions > Cost Adjust/Transfer Asset
Recategorizing Asset Information
- Use the Asset Cost Adjust/Transfer page to enter search criteria for the asset:
- If it did not default, enter or select the appropriate business unit in the Business Unit field.
- Enter the asset information in the Asset Identification field.
- Enter any other information that you have and then click the Search button.
- Use the Main Transaction page to perform a financial transaction on an asset:
- Use the Action drop-down button to select the ‘Recategorize’ option.
- Click the GO! button.
- Use the Cost Information page to enter or adjust the cost information:
- Use the Category field to define the category assigned to this asset. Category assignment affects depreciation.
- Click the Save button.
Note: If the asset is a Parent-Child asset and you are recategorizing the ‘Parent’ asset first, you will receive a warning message upon saving that “Child assets have been left unselected. Are you sure you want to continue?” If necessary, you should go to the Child Asset tab and make the same recategorization to the ‘Child’ asset and save again before exiting.
Next, navigate to the Cost History List page to review the asset cost history information.
Navigate: Main Menu > Asset Management > Asset Transactions > History > Review Cost
Reviewing Asset Cost History
- Use the Cost History List page to view the history of an asset's transactions.
Note: The page displays the total quantity and cost adjusted for this asset. The quantity and cost are adjusted in all cost rows.
- Click the Cost History Detail tab to drill-down for additional details.
- If necessary, click the Show next row button until you reach the row with Trans Type‘RCT - Asset Recategorization.’