Understanding Assignments
Assignments are Object types where the record's purpose is to recognize the transfer of assets. Therefore, an Assignment record will always be associated with an original (i.e., parent) Contract record or records.
Assignment Transaction
An Assignment Transaction is the process of utilizing the parent Contract record to transfer the assets to the Assignment record.
NOTE: Assignments need to be activated in Org Roles/Permissions for Users who will be working with them in the system. If permissions are not activated, Assignments will NOT appear in the left-hand Records menu on the homepage for that user.
In order to use Assignments and perform the transaction, the following are required:
In Type Manager, an Assignments object. NOTE: The out-of-the-box Assignments type is labeled "General Assignment".
A Custom Object of the type Asset, found under the Behavior column drop-down. NOTE: There are no out-of-the-box Asset type Custom Objects and at least one Asset needs to be built in Type Manager for Assignments.
A Contract type using the Asset type Custom Object grid in the layout of that record type for those records. The Assignment Object type grid must also be added in the Custom Object Asset type in the layout for those records.
An Organization record which will be recognized as the subsidiary of the Organization in the original Contract record. TIP: You can create an Organization type called Subsidiary in Type Manager.
When creating the Parent Contract record for the transaction, the Internal Organization field will need to be populated with the name of the subsidiary Organization.
Once the Contract record is created, click the Plus button 
in the Assets mini-grid. This provides a means to add Assets to the (parent) Contract record for the Assignment transaction later on. Save any additional changes to the record.
Next, create a new Assignments record. In the newly created Assignments record, click the +ADD button 
in the Assets mini-grid. This opens up the Assets available for the Assignment record.
Lastly, check the checkboxes of Assets to transfer to the Assignments record, then select the Add to Record button.
The selected assets are added to the Assignments record and simultaneously removed from the (parent) Contract record. Save your changes to the Assignments record.