Converting an asset

Converting an asset pulls a quantity out of a pooled multi-quantity asset and turns it into one or more individually-tagged fixed assets. This is handy when you decide some (or all) of a pooled item is worth tracking — and depreciating — on its own.

Note

Convert Asset only works in one direction: multi-quantity → fixed. There’s no built-in way to turn an existing fixed asset back into multi-quantity stock.

Before you begin

• Convert Asset and multi-quantity tracking must be part of your edition and enabled for your role. If the action isn’t in the Actions menu, your edition or role may not include it.
• Read Fixed vs. multi-quantity assets first if you’re not sure which tracking style fits.
• Know how many units you want to convert and which location they’re coming from — you can only convert up to the quantity available at that location.

Choose the multi-quantity asset and quantity

1. Open Actions → Convert Asset.
2. Under Choose Multi Quantity Asset, scan or type the Asset Tag of the multi-quantity asset you want to convert, and pick it from the list. Wasp Asset fills in its Asset Type Number and Description for you.
3. If the asset was received against a Purchase Order, choose it — Wasp Asset pre-fills this automatically when it can determine the order for you.
4. Choose the Location the units are coming from. Wasp Asset shows how many units are available at that location.
5. Enter the Quantity to convert — how many units to pull out of the pool. It can’t exceed the quantity available.
6. Click Convert >> to continue.

Fill in the new fixed asset’s details

Wasp Asset now opens the same kind of form used to add a new fixed asset, with tabs for General, Purchase Details, Attachments, Custom Field, and Geo Location (plus Group Assets in the Complete edition).

1. Fill in the General tab — Asset Tag (auto-generated if your company uses that setting), description, category, condition, owner, site/location, and so on.
2. Fill in Purchase Details if you want the new asset to depreciate — it needs a Purchase Cost, Purchase Date, and Depreciation Begin Date.
3. If you’re converting more than one unit, choose how to proceed:
   • Fill in details for one asset and click Convert to create it, then repeat for the rest — Wasp Asset shows Converting X of Y as you go.
   • Or tick Convert All to apply the same details to every remaining unit at once, each getting its own tag. Convert All is unavailable when the asset type requires a unique serial number per asset, since you’ll need to enter each one individually.
4. Optionally tick Print Asset Tag and choose a label. It prints once every conversion in this batch is finished, not after each individual asset.
5. Click Convert to finish, or Cancel to back out.

When the batch finishes, Wasp Asset confirms success and lists the new asset tags it created.

Caution

Converting creates brand-new fixed asset record(s) and reduces the multi-quantity asset’s on-hand quantity by however many you convert. There’s no single undo — review the quantity, location, and asset details carefully before you finish.

Tip

Working through several units one at a time? Click the lock icon next to a field (like Vendor or Category) to pin its value so it carries over to the next asset instead of retyping it.

Note

The kinds of assets and the exact fields available on this page depend on your edition. If you don’t see the Convert Asset action, your role or edition may not include it.

Troubleshooting

• The asset won’t come up. The Choose Multi Quantity Asset search only lists multi-quantity assets — a fixed asset can’t be converted (there’s no fixed-to-multi-quantity conversion).
• “Quantity cannot exceed available quantity.” The Quantity you’re converting is more than what’s on hand at the chosen location. Lower it or pick a location with enough available.
• “Transaction can be performed only for N assets at a time.” Your administrator has capped how many assets a single transaction can touch (batch conversions included). Convert in smaller batches.
• Convert All is greyed out. The asset type requires a unique serial number for each asset, so you must convert — and enter a serial number for — one unit at a time.
• Depreciation isn’t calculating on the new asset. It needs a Purchase Cost, Purchase Date, and Depreciation Begin Date on the Purchase Details tab. See Calculate Depreciation.

Related

• Fixed vs. multi-quantity assets — understand the two tracking styles
• Creating an asset — the same form used for the new fixed asset’s details
• Checking out an asset — multi-quantity assets check out by quantity