Patent ID: 7590573

Claim:
A method for automatically transferring an asset from a first depreciation book located in a database to a second depreciation book located in a first database, the method comprising: automatically using a computer to gather asset information from said first depreciation book including original currency for said asset by accessing said first database with said computer; automatically gathering details concerning said transfer including a new currency for said asset and a date of transfer; automatically determining financial treatment of said asset; automatically determining a translation rate between said original currency and said new currency based on the date of transfer; automatically using said computer to compute financial parameters for said asset in said new currency; automatically using said computer to retire said asset from an old depreciation book in said first database and adding said asset to said new depreciation book in a second database; automatically using said computer to book journal entries concerning said transfer; automatically using said computer to maintain an audit trail associated with said asset in said old depreciation book in said first database and said asset in said new depreciation book in said second database.