Please find the idea to vote and possible workaround here:

Thanks - but the suggested solution does not nearly meet the requirements - standard - for IFRS Fixed asset revaluations. Does Acumatica employ CPAs for its Financial aspects?

If you have a real issue with this - please submit a support case for us. For now, I can only suggest voting for the product enhancement mentioned above.

Hi @Jp89 

One can ‘revalue’ Fixed assets, by using following steps as workaround:

• Create required revaluation GL account (most of the businesses use a liability account called ‘revaluation surplus’)
• Create Journal transaction debiting the FA clearing account (used on the Fixed asset you intend to revalue) and crediting liability account you created
• Create a Fixed asset transaction of type ‘Addition’ to increase (revalue) the asset value. On release, of FA transaction of type Addition, it debits ‘Fixed asset account’ and credits ‘FA clearing account’
• Open the asset, on reconciliation tab, you will see the GL transaction for revaluation amount, select the transaction and the amount revalued, and hit process
• This generates a FA transaction of type ‘Reconciliation’, once you release the Fixed asset balance tab does reflects the unreconciled amount as zero ( reconciled)

One has to manually adjust the balance on the ‘Revaluation reserve’ liability account on disposing of the asset. 

Hope this clarifies,

Regards,

It would be nice to revalue each asset as part of the register. What you are advising above necessitates, that either you capture a very long journal entry, or that you actually still need to maintain the revaluation of assets (i.e. the asset list) on a spreadsheet to get the total values per class to be revalued and journalised. - Not ideal, poor use of Acumatica.

Hi @Jp89 

Noted your comment. The suggestion is a workaround to ensure you have an option to accomplish the revaluation using existing functionality. Do vote for the feature request Irina has mentioned on this thread and I do love to see the an easier option to revalue assets.

One can use a GI to generate a list of assets and if the revaluation is periodical, one can use import scenarios to generate multiple transactions at one go.

Regards,

This only works if you want to increase the value of the asset. How do you reduce the value of the fixed asset? 

The workaround to decrease the value of a Fixed Asset. 

• Create GL Journal
  • Credit FA clearing account
  • Debit Revaluation account

• Go to Fixed Asset you want to decrease value
  • Go to the RECONCILIATION tab
  • Select Deduction
  • Select the GL Journal you just created
  • Enter Selected amount - NB!!
  • Process
  • Save and Close

• The journal FA created
  • Debit FA Clearing Account
  • Credit FA Clearing Account
  • Debit FA Clearing Account
  • Credit Cost of FA account

Hi

how do you reverse out the accumulated depreciation back to zero per the most used IFRS valuation process? 

Before                                              After

Original cost     100                          100  - This line is just historical data 

Asset Cost       100                             50  -  Closing Accum Depr is netted to Cost, so 

Revaluation          0                            75

Value to Depr    100                           125    At valuation time you may also amend asset life

Accum Depr       50                               0    

Net                     50                            125

Also do we need to this on the 1st day of the next period to avoid the system trying to do more depreciation in the current period? 

thanks Chris - New Zealand