How to reassign an Inventory item to fixed assets

I have a situation where the company has an inventory item which has conveniently become an item used by the company. It is now a company asset.
What is the correct procedure to “reassign” an inventory item to the Fixed Assets register in Manager please?

Use a Journal
Debit the Fixed Asset
Credit the Inventory Item with Qty = 1 and use Avg Cost as the value

Perfect, thank you Brucanna.