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In fixed asset journal. What is diference between transaction types - Revaluation and write up/ write down adjustment?
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Hi!
In fixed asset journal. What is diference between transaction types - Revaluation and write up/ write down adjustment?
Hi Eva B,
1- Write-down adjustment – A downward adjustment in the accounting value of an asset. The offset account is usually a profit and loss account. This is the most common adjustment.
2- Write-up adjustment – An upward adjustment in the accounting value of an asset. The offset account is usually a different balance sheet account. This is a less common adjustment.
3- Revaluation – A change in the value of an asset. Revaluation can be used for both write-up and write-down transactions, but is a separate transaction type because revaluation proposals are available in the Fixed assets journal.
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