Introduction/Purpose:

The Asset Revaluation feature in the Asset Management module enables users to update the book value of company assets, reflecting their current market value. This process ensures accurate asset valuation on financial statements, helping maintain transparency and aiding in better financial analysis. It captures critical data like revaluation date, asset classification, old and new book values, surplus value, and revaluation approvals.

Dependency:

• Integration with Financial System: The revaluation process is tied to financial reporting and accounting systems to update asset values across departments and reflect any revaluation surplus in the accounts.
• Profit and Cost Centers: Allocation to specific profit and cost centers ensures that revaluation impacts are tracked and managed by relevant business units.

How to Navigate:

The following steps outline the process for accessing the Asset Revaluation section in the asset management system:

• Click on Transactions: Access the transactions by selecting the Transactions option from the displayed menu.
• Find Asset Management Section: In the transactions list, locate Asset Management to continue with asset-related operations.
• Click on Asset Revaluation: Click on Asset Revaluation to enter the revaluation section and view, add, or update revaluation details.

Listing:

The Asset Revaluation listing page provides a comprehensive view of all revaluation entries. Users can see the following information:

• Document No: Unique document identifier for each revaluation.
• Asset Revaluation No: Unique revaluation reference number.
• Date of Revaluation: The date when the asset revaluation was recorded.
• Item Name: Name of the asset being revalued.
• Classification Name: The category or classification of the asset.
• Old Book Amount: The original book value of the asset before revaluation.
• New Book Value: The updated book value post-revaluation.
• Surplus Value: The difference between the new and old book values.
• Voucher No: Associated voucher number, if applicable.
• Added By / Updated By: Names of users who created or modified the entry.
• Added Date / Updated Date: Timestamp for when the entry was added or last updated.
• Approval Status: Shows the current approval status of the revaluation entry.

User can perform the following actions:

In the Asset Revaluation section, users have access to a range of actions similar to those in the Bank Payment module. These actions streamline the management of revaluation data and enhance system usability:

• Add New: The “Add New” function allows users to initiate and record a new asset revaluation entry in the system.
• Show All Listing: The “Show All Listing” function displays and refreshes the full list of revaluation records, making it easy to browse all asset revaluations.
• Clear Cache: The “Clear Cache” function removes temporary data or cached information within the system, ensuring that the user sees the latest data updates.
• More Options: The “More Options” function provides access to additional functionalities and actions relevant to asset revaluations.
• Print Records: The “Print Records” function enables users to print revaluation records, either through a print dialogue or by previewing the content to ensure accuracy.
• Search: The “Search” function allows users to find specific revaluation entries by entering relevant keywords or criteria.

Recording & Update:

To add a new asset revaluation, users must provide the following details:

• Date of Revaluation: Indicates the specific date when the asset is revalued. This date is critical for record-keeping and valuation timelines.
• Classification Name: Refers to the category classification assigned to the asset. This helps in organizing assets into appropriate groups for reporting.
• Asset Name: Specifies the name of the asset being revalued. Accurate naming ensures clarity in asset management and tracking.
• Profit Center: Represents the allocation of the asset to the relevant profit center. This is essential for analyzing profitability within the organization.
• Cost Center: Indicates the specific cost center to which the asset is allocated. It assists in managing expenses associated with the asset.
• Book Amount Before Revaluation: The recorded value of the asset prior to revaluation. This serves as a baseline for determining any changes in value.
• New Book Value: Reflects the updated value of the asset after revaluation. It represents the current worth of the asset on the books.
• Remarks: Provides a field for any additional comments or context regarding the revaluation. This helps in documenting important insights or considerations.
• Purchase Date: The original date when the asset was acquired. This date is important for assessing the asset’s depreciation and history.
• Surplus Account: Refers to the account used to record any surplus value resulting from the revaluation. It captures any increase in asset value.
• Equity Account: The relevant equity account associated with the asset’s revaluation. This ensures proper reflection of changes in equity.
• Surplus Value: Represents the calculated difference between the new and old book values of the asset. It quantifies the increase in asset value.
• Approval Flow Step: Indicates the current step in the asset revaluation approval process. This tracks the progress of the approval for auditing purposes.
• Central Approval Date: The date when final approval is granted, if required. This date is crucial for completing the revaluation process.
• Attachment: A field for uploading supporting documents related to the revaluation. This can include appraisal reports or valuation evidence.

Additional Actions:

• Submit: Saves and submits the revaluation entry for processing. This finalizes the revaluation in the system.
• Discard: Cancels the entry and discards all information entered. This action is irreversible and clears the current input.

Approval Process:

After submitting an asset revaluation entry, the approval process is initiated. The Approval Flow Step and Central Approval Date fields are used to track the approval stages and ensure revaluation data integrity. Once approved, the revaluation updates are reflected in the system, impacting financial records accordingly.