NetAsset - Revaluation Reversal

Use Case: An asset revaluation has been made erroneously and needs to be reversed.

Prerequisites: A revaluation has been done on the asset and depreciation has not yet been recorded on the effective revaluation date period.


STEP BY STEP PROCESS

  • Navigate to an NetAsset record where the revaluation is to be recorded and click the Reverse Revaluation button. 
    • NOTE: This button will only appear when there has been a recent revaluation and depreciation has not yet been recorded on the effective revaluation date period.


  • After confirming the action, the asset page will be refreshed with the Processing Status updated to read Processing Revaluation Reversal. Refresh the page periodically until the Processing Status is blank.
  • Once complete, any NetAsset Revaluation Entry generated will be deleted and the schedule will be returned back to the state it was in prior to the revaluation

  • The NetAsset Revaluation Entry will be marked as Reversed to and left on the asset’s Revaluation subtab to maintain the historical data

 

 


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