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How do I post a revaluation of a fixed asset using the ELTD chart?

Article ID
ias-1979
Article Name
How do I post a revaluation of a fixed asset using the ELTD chart?
Created Date
1st March 2005
Product
IRIS Accounts Production
Problem
How do I post a revaluation of a fixed asset using the ELTD chart?
Resolution
In this example, we will assume that a Freehold property has been revalued from £100,000 to £120,000. The Journals are as follows: Debit account 512/5 (Revaluation – Freehold Property) with £20,000. Credit account 970/5 (No description – Revaluation reserve) with £20,000. The data screens for the revaluation should be completed. These can be found in Edit | Data screens | Notes to Financial Statements | Balance Sheet Items | Tangible Fixed Assets | Revaluation. Both the Information and Analysis of “Cost or Valuation” screens should be filled in. NB: To change the description of 970/5, you must first change the description of 968/5, see Knowledge Base item 899 for further information. The data screens for any recognised gains or losses which have not affected the profit and loss account (i.e. items such as revaluations) should be completed. Select: Edit / Data Screens / Recognised Gains and Losses / Statement of Recognised Gains etc – enter the description ie Revaluation and the amount. If the amount is a credit (i.e. a gain) enter the figure on its own. If the amount is a debit (i.e. a loss) prefix the figure with a – sign. NOTE: The total entered at the foot of the column should be the total of the entries the user has made on this screen. This total is used for cross-checking purposes to make sure that the total as entered on the screen tallies with that calculated by Account Production in the recognised gains and losses report.

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