Asset Revaluation Worksheet¶
This worksheet is used to process asset revaluations by altering asset values, creating revaluation history records, producing a Ledger journal and a summary report.
Revaluation information can be entered directly on the screen or via the History tab on the asset maintenance screen. Data will remain on the screen until deleted or processed, allowing ongoing valuation processing to be completed at a single point in time.
The fields on the top left determine how the revaluation is processed:
| Worksheet Description: | |
|---|---|
| This field appears on the report and allows a name to be assigned to the process. It doesn’t alter the process. | |
| Ledger Posting Date: | |
| This is the date the transactions will be applied against the ledger. This defaults to the current date, but can be changed to a valid ledger date. Each asset’s revaluations can be given it’s own date, but that will not be used by the posting process. | |
| Net Together Gains/Losses for All Listed Assets (Non Profit): | |
| If this is ticked, the gains/losses for all assets on the worksheet are netted off to work out a single gain/loss figure. As per AASB116 39.1/40, non profit entities can calculate a single gain/loss per asset class, offsetting prior losses/gains for the entire class. A single worksheet per class would be required to make all losses/gains offset for the entire class. | |
| Reset Accumulated Depreciation to Nil: | |
| If this option is selected, the accumulated depreciation will be reset to zero and the asset value will be set to the revaluation amount. If not set, the asset value and accumulated depreciation will be increased/decreased by the same proportion to bring the asset to the new revalued amount. Either option is allowed as discussed under AASB116 35. | |
The worksheet totals box summarises the entries on the worksheet:
| Record Count: | The number of assets listed on the worksheet. |
|---|---|
| Total Valuation: | |
The dollar value of the revaluations entered. This may be reconciled with the source document. |
|
| Gains/Losses: | The net gain or loss from all the valuations listed. |
| Previous Gains/Losses: | |
The total of any history of gains or losses by assets on the worksheet. A gain in value is only recognised as a revenue to the extent it doesn’t reverse a previous loss. The opposite applies for the recognition of losses. This calculation applies to individual assets, if the “Net Together Gains/Losses for all Listed Assets” is not ticked. The previous gain/loss value may be manually entered if the history of revaluations is not stored in AssetCare. |
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Each asset is displayed in the grid. The details of each valuation are as follows:
| Asset Id: | Asset identifier |
|---|---|
| Description: | Name of the asset |
| Date: | Revaluation date, the asset will be set to the revaluation value on this date. |
| Revalue Amount: | The new value for the asset entered on the detail screen. |
| Written Down Value: | |
| The latest depreciated value for the asset. This is used as the basis for determining the loss/gain, but the value may be overridden. | |
| Gain/Loss: | The gain or loss on revaluation. (Revalue amount - Written Down Value) |
| Previous Gain Loss: | |
| The amount of any previous gain or loss on this asset. | |
Preview button displays each asset to be revalued and the ledger transactions it is calculating.
Post posts the transactions to the ledger, processes revaluations and clears the revaluation worksheet.