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How do I transfer Leased/HP Assets into Owned Assets (Enhanced Chart)?

Article ID
ias-7274
Article Name
How do I transfer Leased/HP Assets into Owned Assets (Enhanced Chart)?
Created Date
5th January 2009
Product
IRIS Accounts Production
Problem
How do I transfer Leased /HP Assets into Owned Assets?
Resolution
Where the hire purchase agreement for an asset has been completed and the asset is to be transferred to the owned group make the following adjustments, an example for motor vehicles is given: Debit, e.g. 525/9, with original cost. Credit, e.g. 525/59, with original cost. Debit, e.g. 525/79, with accumulated depreciation. Credit, e.g. 525/29, with accumulated depreciation. If there has been a charge for year posted, then this should also be moved in the same way as the cost and accumulated depreciation.

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