"Surplus on revaluation" error on the Fixed Asset Schedule

When generating the Fixed Asset schedule, IRIS compares the brought forward figures in the current year with the carried forward figures in the comparative year, if there is a difference between the two periods IRIS assumes a revaluation has taken place. Compare the trial balances for the two years to check they agree. Remember the following principle: The system compares the net balance of COST + ADDITIONS – DISPOSALS in the previous year with the COST brought forward for the following year. If the two figures do not agree a revaluation is assumed. A similar comparison is made for depreciation i.e. the net balance of ACCUMULATED DEPN + CHARGE FOR YEAR – ELIMINATED ON DISPOSAL in the previous year is compared with the ACCUMULATED DEPRECIATION brought forward in the following year. If this is the first year of the business, check that fixed assets have been posted to ADDITIONS and not COST, similarly check that the depreciation has been posted to the CHARGE FOR THE YEAR accounts and not to the ACCUMULATED DEPRECIATION account. If producing accounts for a Soletrader or Partnership and you do not have comparatives you will need to select: Click Edit | Data screens Click Presentation Options | Current Year Only Untick the box “Please tick the box if you want revaluation and/or error messages reported” Click Save This information can be found within the IRIS Help Centre here.

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