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Assets & Liabilities - Setting up Revaluations
Assets & Liabilities - Setting up Revaluations

Mapping the accounts required for Financial Position

Genevra Scott avatar
Written by Genevra Scott
Updated over a week ago

Before you begin adding any assets to your financial position page you must first map your "Gain/Loss Account" and your "Revaluation Account". You can do so by clicking the cog wheel icon in the corner of the page.

That will give you a pop up window to map the accounts via a drop down menu.

Once happy with your selected accounts, click Save and you can then move onto adding in any assets or liabilities as you need to.

Gain/Loss account

Your Gain/Loss Account will need to be an expense type account of your choosing.

This account that you map will be used to enter the gain or loss on the sale of an asset.

For example, if you have a tractor entered as an asset on your farm and it is valued at $50,000 but you later sell the tractor for $40,000 the $10,000 loss will be calculated against your nominated account.


Revaluation account

The Revaluation Account needs to be an equity type account of your choosing.

This account is used to account for the value of your assets that are entered on your farm. As you enter any revaluations against an asset it is entered against this account.

Using the example above, if my tractor was valued at $50,000 this year but in 2 years time I've revalued it a $40,000 my revaluation account records this change and assigns the $40,000 value ot the asset.

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