Fixed Assets Revaluation

Hello,
At year end, we are required to access the recoverable value of
certain assets and should the value is much lower than the Net Book
Value, we are supposed to reduce the value and the differences to go
into Impairment Loss. (Credit Accumulated Impairment Loss (B/S
account) and Debit Impairment Loss (P&L account)

Firstly, I don't find any revaluation process in Microsoft Dynamics GP
Fixed Assets Module. I tried changing the Cost Basis. When I click on
the Distribution button, I find that the system would automatically
post the following transaction. Credit Cost of Fixed Assets (e.g.
Building) and Debit the Clearing Account, all picked up from the Fixed
Assets Account information. I tried to change the account for the Cost
to the another account code but the system will automatically change
it back when I tab off. Same goes to the account under the Clearing
section.

Am I using the right method to perform this revaluation process?

Any advice would be greatly appreciated.

May
0
ymay (16)
9/24/2009 10:04:02 AM
greatplains 29623 articles. 3 followers. Follow

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On Sep 24, 6:04=A0pm, Ymay <y...@mlit.com.my> wrote:
> Hello,
> At year end, we are required to access the recoverable value of
> certain assets and should the value is much lower than the Net Book
> Value, we are supposed to reduce the value and the differences to go
> into Impairment Loss. (Credit Accumulated Impairment Loss (B/S
> account) and Debit Impairment Loss (P&L account)
>
> Firstly, I don't find any revaluation process in Microsoft Dynamics GP
> Fixed Assets Module. I tried changing the Cost Basis. When I click on
> the Distribution button, I find that the system would automatically
> post the following transaction. Credit Cost of Fixed Assets (e.g.
> Building) and Debit the Clearing Account, all picked up from the Fixed
> Assets Account information. I tried to change the account for the Cost
> to the another account code but the system will automatically change
> it back when I tab off. Same goes to the account under the Clearing
> section.
>
> Am I using the right method to perform this revaluation process?
>
> Any advice would be greatly appreciated.
>
> May

Does anyone has similar experience that can share their solution with
me.

Thanks
May
0
ymay (16)
9/26/2009 2:30:46 AM
Reply:

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