NetAsset - Multi-Book Revaluation Reversals

Overview

In a multi-book environment within NetAsset, reversing a revaluation is slightly different than for single-book setups. Using the standard Reverse Revaluation button will only reverse the revaluation in the most recent book.

To fully reverse a revaluation across both primary and secondary books, follow the steps below.

Key Assumptions

• Multi-book accounting is enabled for the client.
• Both the primary and secondary books have active revaluations for the asset in question.

Prerequisites

• Ensure users have permissions to access the asset record.
• Verify that the revaluation schedules are generated for both books.

Step-by-Step Process

1. Reverse Revaluation in the Primary Book:

1. Navigate to the asset record.
2. Select the Revaluations subtab.
3. Click the record ID of the first revaluation. View full size
4. On the NetAsset Revaluation Proposal, select Reverse Revaluation. View full size
5. The revaluation for the primary book will be reversed, and the schedule will regenerate automatically.

2. Reverse Revaluation in the Secondary Book:

1. Navigate back to the Revaluations subtab on the asset record.
2. Confirm that the status of the first revaluation record shows Reversed.
3. Click the second revaluation record ID. View full size
4. On the NetAsset Revaluation Proposal, select Reverse Revaluation again. View full size
5. The revaluation will now be reversed in the secondary book.
6. Confirm by checking the secondary book schedule or verifying that the status shows Reversed on the Revaluations subtab.

Limitations/Things to Be Aware Of

• Failure to reverse the revaluation in both books may cause inconsistencies in asset reporting.
• Verify that the status of each record updates to Reversed to confirm successful reversal.

Troubleshooting

• Issue: Reversal only occurs in one book.
  • Solution: Ensure that the second revaluation record ID was selected and manually reversed.