To revalue an asset
To revalue an asset
1 Go to the Transactions command centre and click Asset Transactions. The Asset Transaction window appears.
2 Click the search icon in the Asset ID to select the asset you want.
3 Enter the revalue date in the Date field.
4 Select Revalue Asset from the Type drop-down list. The book and tax details of the asset for this transaction type are displayed.
Written Down Value - The depreciated value of the asset for book purposes. It represents the difference between the acquisition cost of the asset and the depreciation calculated up to the date of Write Off.
New Asset Value - The new cost that the asset has been revalued to.
5 Enter any additional information to help you identify the specific purpose of the transaction in the Note field.
6 Enter the new value of the asset in the New Asset Value field.
7 Click Journals if you want to preview the journal entries posted to this asset. The Transaction Journal window appears.
8 Click OK to revalue the asset. The new value is used to calculate depreciation from the date of the transaction. Any depreciation calculated on the old value is added to the new depreciation and consequently reflected in the Opening Balance field.
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