How to convert an item form Inventory to Asset

Summary:

Can someone please assist on below queries we have for one of our customer.

1. Our inventory will always increase whenever we receive goods from Purchase Order.

2. On the other hand, we send goods to our partners for installation, and once installed, they are no longer considered inventory (change to Asset).

3. We require inventory adjustments for the items that have been issued.

Our questions:

1. How do we track goods that are in the installation process (work in progress) and make the necessary adjustments from inventory to assets?

2. Who is responsible for making these adjustments, is it the finance department?

3. Can we monitor the transition of items/goods from inventory to assets?