Unable to transfer the asset using abumn

[Former Member]

We have a problem in completing a partial asset transfer using ABUMN. At present (current date) the asset value is nil but we would like to do a partial transfer during may 2009 when the Net Book value of the asset is Rs 87 lakhs.

The Gross value of the asset is Rs 4 crores. The gross value of asset to be transfered in May 2009 is Rs 83 Lacs. How do we resolve the issue

As audit is in progress i require an immediate solution.

Thanks & Regards,

K Chithra

[Former Member]

What kind of problem are you facing? What is the error message?

[Former Member]

Thanks for your reply

When we try to do a partial transfer using ABUMN,

by selecting the option "current year aqcuisition" in abumn, the error message displayed is : "retirement of new acquisition not possible" MMESAGE NO AA 417

Diagnosis,

You have tried to post retiremnent of current acquisitions althought the sum of transaction for the current fiscal year is zero. Check the transacrion type entered and the asset"

In abumn, if the option "priror year acquisition" is selected, the error message displayed is "partial retirement or transfer of prior year acquisition not possible"

[Former Member]

It is not possible to do a trasfer (retirment) in the same month as thr aquasition, when this is the case do the transaction next month

[Former Member]

Thanks for your response. But, i have not tried to transfer the asset in the month in which it had been acquired. Infact, the asset had been acquired during the previous fiscal year 2008 and i have tried to do a partial transfer in fiscal year 2009.

The asset under question, had been created during fiscal year 2008, it had acquired the value by transfer (100%) from another asset.

[Former Member]

This message was moderated.

[Former Member]

But its not going thru'. I have already mentioned the error message getting dispalyed when prior year acquisition is selected