Journal entries are created to post the difference in value.Ī revaluation depreciation history record will be written to each component of the compound asset. Enter the write-down percentage for the component you want to revalue. If you want to revalue only a specific component, or enter different write-down percentages for each component, go to the Component section. If you are revaluing a compound asset, you can click Process Revaluation regardless of any changes you make after calculating the write-down amount. When you removed an accounting book for example, you need to click Calculate to remove the accounting method of that book from the revaluation. If you are revaluing a simple asset, any changes you make to the accounting book selection and the write-down percentage requires you to recalculate the write-down amount. The revaluation fields will be enabled when you select an asset. If this feature is not enabled on your account, you do not have to click Calculate. If the Multi-Book Accounting feature is enabled on your account, clicking Calculate will also enable the revaluation fields of the selected accounting books. If the asset’s revision rule is set to Current Period, the current net book value will equal the residual value, and the cumulative depreciation will equal the asset current cost.Īdjusted Depreciation Method – Select the new depreciation method that will be used to depreciate this asset.Ĭlick Calculate to compute the write-down amount based on the write-down percentage. When the adjusted lifetime is changed to a period that is equal to the last depreciation period, the status of the asset will be set to Fully Depreciated. This amount is subtracted from the current net book value.įor compound assets, the write-down amount will display the total write-down of all the components.Īdjusted Residual Value – Enter the new residual value of the asset.Īdjusted Lifetime – Enter the new lifetime of the asset. You can enter a write-down amount to override the calculated value. Write-down Amount – The write-down amount will be computed based on the Current Cost and the Write-down %. Transaction Reference – Enter a reference to identify the journal entry for this transaction. The revaluation date must be on or after the Last Depreciation Date. If the field is blank, the system will use the date when the revaluation is processed. Transaction Date – Enter a date for the journal entry for this transaction. If you want to apportion a different write-down percentage for each component, go to Step 4.
This will be applied to tax methods associated to an accounting book.įor compound assets, the write-down percentage will be applied to all components. Write-down % – Enter the write-down percentage for revaluation. This field is available only if you have enabled the Multi-book Accounting feature in your account.
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