Hello there,
I have been using manager cloud for long now, some of my fixed assets now have a great difference between their book value and fair value, so I’m required to conduct fixed assets revaluation, the thing is:
1- Manager doesn’t have a button for fixed assets revaluation
2- I tried to do it manually using general journal entry (DR Accumulated depreciation, CR Accumulated other comprehensive income in equity), but i cant choose the accumulated depreciation account!
Please Help!
I am not sure why you would do a fixed asset revaluation as you basically seem to have forgotten to carry out their depreciation. To depreciate fixed assets follow guidance at Depreciate fixed assets | Manager
If wanting revaluation then please read @Joe91 and my comments at Higher asset value
You can also use the alternative method by control accounts as mentioned in the last sentence on fixed asset depreciation i.e. Add custom control accounts | Manager
This is actually my preferred method.
Senior, please,
I’m doing the depreciation monthly, but now even the net book value (cost less Acc depreciation) is far different from fair value, my company has already conducted the revaluation, which I can not reflect into accounts up to this moment.
Then follow @Joe91 advise as per link I provided.