To change the value of an asset, please follow the steps below.
Click into the asset you want to revalue from the fixed asset listing.
Choose the Adjust Reclass Transfer button in the upper right hand corner of your screen.
Use the drop-down list to select "Asset Revaluation."
Enter a date of change.
Notice the screen displays the original cost and all depreciation information.
In the New Values section, input the applicable new values for the asset. For instance, if it is discovered that your asset has a salvage value when none was expected at the time of purchase, you can input just the new salvage value. NOTE: You can leave unchanged values blank in the New Values section and their original values will be maintained.
Check the Book Balance Sheet Revaluation Entry check box if you want the system to revalue the asset on the balance sheet. This is recommended. In our example, changing the salvage value does not have a balance sheet impact but if you, for example, increased the value of the asset, you would want this to be reflected in the GL.
The Revaluation Account is the offset to whatever you are doing. So if you are increasing the value of the asset, what account should be credited?
Click the Yes button to save your transfer.
You should see a yellow information bar at the top of the screen that indicates the transfer went through.
NOTE: Asset revaluation is prospective only with regard to the income statement. Any previously posted depreciation will remain the same and the change will only affect depreciation going forward.
