What is Fixed Asset Revaluation?

What is Fixed Asset Revaluation?

Fixed Asset revaluation is usually only applicable to buildings.

A building may be revalued due to a change in market conditions or after renovation and improvements. A building may also be revalued at the point of sale (if it sells for more than its Balance Sheet value).

Your accounting policies will determine when a building should be professionally and independently revalued.

If you are unsure about whether to revalue the asset and how to record this, you should check with your Independent Examiner, Auditor or qualified accountant.

How do I add a revaluation?

An asset must be recorded within the Fixed Asset register as 'freehold property', for the 'Add Revaluation' button to appear.

To check this, within the Fixed Asset register, click on the asset in question, click 'Edit Asset Details', and then check the radio button at the bottom of the pop-up is set correctly.

Once the asset is set as 'Freehold Property' the '+' icon to the right of the table row will now give the option to add a revaluation as well as to record depreciation. 

After recording the date and value of the revaluation, the Fixed Assets register will display an additional column to show the revaluation.

To help you better understand the Fixed Assets module as a whole, please visit the module overview page here.