1Step by step #
- Once, on Fixed Assets Category , pick the category's Revaluation reserve and Impairment / revaluation loss ledgers.
- Post depreciation up to the day of the new value on Depreciation Run , so that the book value is right on that day.
- Sign in to the asset's branch. Pick the asset , the kind , the day and the new value , and write why.
- Read what will happen : how much goes to the reserve and how much is a loss.
- Press Post (F5) and confirm.
2Where the difference goes #
- An increase first writes back any loss this asset took to profit and loss earlier; the rest is credited to the revaluation reserve .
- A decrease first uses up this asset's own share of the reserve; the rest is a loss in profit and loss.
- An impairment is the same entry, downwards only.
- What had been depreciated is set off against the cost: afterwards the new value is the asset's cost , with nothing charged against it. The first cost is kept in the register.
- Depreciation goes on from the next day on the new value. A straight-line asset depreciated by a useful life is spread over the life that remains.
- When a revalued asset is later written off, its share of the reserve stays in the reserve ledger; move it to retained earnings by a Journal of your own.
3Rules and conditions #
- The day cannot be in the future, nor before the day the asset is charged up to. Days between the last charge and that day are not charged.
- An asset is revalued from the branch it is in: the Journal is that branch's voucher.
- Needs the Alter right on Fixed Assets Master and Create on the Journal type.
- Only the newest entry of an asset can be undone, and only while no depreciation has been charged on the new value and the asset is still in the books.
- A depreciation run cannot be reversed while an asset on it was revalued on or after the run: undo the revaluation first.
- If Fixed Assets Settings asks for approval of revaluation and impairment, Post raises a request instead; undoing falls under reversals and undo.
4Toolbar & keyboard #
- Refresh (F3) reads again; Post (F5) opens the confirmation, where F5 confirms and Esc closes; Esc on the page closes it.
5If something does not work #
"You can look, but not revalue an asset ..." / "You do not have the right to change the fixed-asset register (Fixed Assets Master, Alter). Ask your administrator."
- Why
- A revaluation changes the asset register, which needs the Alter right on Fixed Assets Master.
- What to do
- Ask your administrator for that right.
"Choose the asset." / "That asset was not found, or belongs to a branch you cannot see." / "... left the books on ...."
- Why
- No asset is picked, or it has been written off or moved to a branch you have no access to since the list was read.
- What to do
- Pick the asset; press Refresh (F3).
"Enter the day the new value is on." / "The day cannot be in the future." / "Depreciation is already charged on it up to .... The new value cannot be dated before that day ..."
- Why
- The new value belongs to a day, and that day cannot lie before what has already been charged.
- What to do
- Correct the day. To revalue at an earlier day, reverse the later depreciation runs first.
"The asset is in .... Sign in to that branch: the Journal is that branch's voucher."
- Why
- The Journal belongs to the asset's branch, not the one you are signed in to.
- What to do
- Sign in to the asset's branch.
"Enter the new value." / "The new value cannot be below nought." / "The new value is its book value already (...). There is nothing to change."
- Why
- No value was given, or it is the book value the asset already has.
- What to do
- Enter what the asset is worth on that day.
"An impairment brings the value down. ... is above its book value of ... - record it as a revaluation."
- Why
- Impairment was chosen with a value above the book value.
- What to do
- Choose Revaluation for an increase.
"Its own residual value (...) is not below the new value. Lower the residual value on Fixed Assets Master first."
- Why
- The asset would be at or below its residual value at once, leaving nothing to depreciate.
- What to do
- Lower or clear the asset's residual value on Fixed Assets Master.
"Write why the value is changed - it is kept with the entry." / "The reason is 450 characters at most." / "The valuer's name is 200 characters at most." / "The reference is 100 characters at most."
- Why
- The reason is needed, and the three texts have a length.
- What to do
- Write the reason, or shorten the text.
"Its book value has changed since it was shown (... then, ... now). Open it again and review it." / "The asset was changed by somebody else meanwhile. ..."
- Why
- A depreciation run or another entry changed the asset while the page was open.
- What to do
- Press Refresh (F3) and review the figures again.
"Its category has no asset ledger. ..." / "Its category has no 'Revaluation reserve' ledger ..." / "Its category has no 'Impairment / revaluation loss' ledger ..."
- Why
- The Journal needs a ledger the category has not been given.
- What to do
- Pick the ledger on Fixed Assets Category (or Depreciation Setup) and post again.
"Pick the Journal voucher type to post on." / "'...' is not a Journal voucher type." / "That day is outside the company's financial period (...)."
- Why
- The Journal needs a voucher type built on Journal, and a day inside the financial year.
- What to do
- Pick a Journal type; date the entry inside the financial year.
"The Journal could not be saved, so the asset is as it was. ..."
- Why
- The voucher save refused - the words after it say why (a closed period, a missing right, a numbering problem).
- What to do
- Put right what it says and post again. Nothing was changed.
"The ... WAS saved, but the entry could not be recorded against it (...). Cancel that voucher by hand, then record it again."
- Why
- The Journal reached the books but the register could not be updated.
- What to do
- Cancel the voucher named, then post the entry again.
"Only the newest entry of an asset can be undone: a later one rests on it. Undo that first." / "This entry is undone already."
- Why
- Entries of one asset are undone newest first.
- What to do
- Undo the later entry first.
"... has left the books since. Undo the disposal first." / "Depreciation has been charged on the new value up to .... Reverse those depreciation runs first."
- Why
- Something was done to the asset after the entry, and it rests on the new value.
- What to do
- Undo the disposal, or reverse the depreciation runs (newest first), then undo the entry.
"The asset is no longer in the register, so it cannot be put back." / "The asset is not as the entry left it, so it cannot be put back."
- Why
- The asset was deleted, or its cost was changed by hand, after the entry.
- What to do
- Put the asset's cost back to the new value on Fixed Assets Master, then undo.
"Write why it is undone - it is kept with the record." / "The reversing Journal could not be saved, so nothing was undone. ..."
- Why
- The undo needs a reason, and its reversing Journal must be saved.
- What to do
- Write the reason; put right what the message says and undo again.
On Depreciation Run: "... was revalued or impaired on or after this run. Undo that on Asset Revaluation and Impairment first."
- Why
- A revalued asset was restarted from its new value; reversing an earlier run would put it back to what the run found and lose that.
- What to do
- Undo the revaluation here first, then reverse the run.
"Sent for approval (request ...): ..." / "This is already waiting for approval (request ...). Nothing was posted."
- Why
- Approval is switched on for revaluation and impairment in Fixed Assets Settings. Nothing was posted: a request was raised.
- What to do
- Watch it on Fixed Assets Work-flow; it can be withdrawn from there while it waits.
This is the help InvoiceNET® ERP shows beside the Asset Revaluation and Impairment screen. Whether you have the screen depends on the modules of your licence and the rights your administrator has given you.
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