Asset - Re-value an Asset in Spider

Important:  Before using Assets in Spider - please backup in back office files 131-141 

Path: Spider > Financial > Asset Management > Asset Register

An Asset can be re-valued to either:

• Increase the Value
• Decrease the Value

Step 1  Increasing  the Value of an asset

In this example we are going to increase the assets current value, written down value is $1974.08  we wish to increase by another $5000.00

Select the asset to adjust 

Then select the   Depreciation icon

Step 2 Calculate your depreciation 

The amount will appear under Re-Evaluation as per example:

** PLEASE CHECK which code you want your revaluation variance to hit.  If this is an increase in the assets value, then you will need to ensure that the code you are using is a Balance Sheet revaluation code, not a P&L code.

An increase in the Assets value, should see a DR to the asset code and a CR to the Balance Sheet Revaluation code.  Any losses will be offset against the revaluation code, unless it zeros out, then additional losses will hit the P&L. 

By default, when you Finalise your depreciation the codes listed below is how the journal will produce to impact the Ledger Codes - example:

Before finalising the journal that has been automatically created, based on above, ensure that it flows to the correct General Ledger codes, as per revaluation requirements:

The above ledger examples reflects as it would for a sale, using a P&L Code, please be mindful of the codes you wish to use:  BS Revaluation code (Cr), Asset Code (Dr).  If it is a decreased value, then the journal would need to be considered Asset Code (Cr), BS Revaluation code or P&L (Dr) depending on the balance held in BS Revaluation account.  

965 - Reduce the Profit and Loss Account

5400 - Negative amount will increase the Accumulated Depreciation

Decrease the Asset - do the opposite - put a - negative amount in the Re-valuation tab