RE: Anyone with experience using Revaluation Model for Fixed Assets in NetSuite?
Does anyone have any experience using the Revaluation Method for subsequent recognition of Fixed Assets? I know there is an Asset Revaluation feature, but this is only limited to using a Write-Down account.
As a brief background, the Revaluation Method basically works like this: When a fixed asset is revalued up, the entry would be Debit Fixed Asset and Credit Revaluation Surplus. The Revaluation Surplus would be transferred to Other Comprehensive Income over the remaining life of the asset like its depreciation.
If the fixed asset is revalued down, it depends on whether it has any remaining Revaluation Surplus amount. If it does, it would be debited to that first and any excess would be to expense, iirc.
After checking here and in SuiteAnswers, I can’t find any answers to this atm.