Fixed Asset Land Revaluation

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Posted on by saransh321

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Dear Experts

I ahve a fixed asset LAND which needs to be revalued or valued reduced by x amount. The reduced amount is being used to create tow new asset of type land.

So my entry would be of type

Transaction Type

Acquisition old land (Looo11) --- Credit 1000 Amount

Acquisition LANDNEW01 ----- Debit 500 Amount

Acquisition LANDNEW02 --- Debit 500 Amount

is the entry right . If not what will be the correct entry.

Please bear in mind that the type LAND has not depreciation.

Thanks in advance

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Answers (2)

Verified answer

Ludwig Reinhard Microsoft Employee on at

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RE: Fixed Asset Land Revaluation

Hi sayyed ar,

You can of course manually enter the transaction.

The split asset functionality would do that automatically for you ;-)

Nothing wrong with the manual entrance though.

Best regards,

Ludwig
saransh321 212 on at

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RE: Fixed Asset Land Revaluation

Dear Ludwig

Thanks for your reply but why should I split the asset as the asset is not a depreciable asset.

can't I just pass this entry? then the original asset value will be reduced and the new asset will have the new values as per the journal
Verified answer

Ludwig Reinhard Microsoft Employee on at

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RE: Fixed Asset Land Revaluation

Hi,

The transactions listed above look ok.

You can post that by making use of the split fixed asset functionality.

Best regards,

Ludwig