This screen is used to revalue or impair the value of an asset and generate the appropriate accounting entries and history of the transaction. See 'Using the asset Ledger' processes for more information.

Revaluation is a process of updating the value of groups assets in your balance sheet to open values at the date of the revaluation assuming existing use. Financial reporting standards state that Tangible fixed assets can only be revalued only where there is a stated policy to revalue. Where such a policy is adopted then it should be applied to specific groups of tangible fixed assets, but it need not be applied to all groups.
Before revaluing any assets, Liberty Accounts strongly recommend you consult with your accountant.

Impairment is a process of reflecting a lower value of tangible fixed asset as a result of negative impacts on the financial performance of the business. Usual examples of circumstances are a series of finacial losses or a major change in a segment of your market place. Impairment will happen infrequently, but if it does it will likely impact all assets. The effect is a one-off write down in the net book value, and is shown as additional depreciation. For the rest of the assets useful life, the depreciation charge is based upon the lower net book value.
Before impairing any assets, Liberty Accounts strongly recommend you consult with your accountant.

Select asset for re-valuation or impairment. This is required.

Manually enter the date at which the asset was revalued (e.g 19/12/2002) or click on calendar icon to select date from the calendar. This is required.

Enter new net book value of this asset. This is required. The net book value is the gross value of the asset less the accumulated depreciation. See 'Using the asset ledger' processes for more information.