NetAsset - Reverse Build Up of Existing Asset

Use Case: The prerequisites for this article would be a previously Built Up Asset. To Build Up an Asset, see the following article Build Up Existing Asset

STEP BY STEP PROCESS

• Navigate to a specific asset that has a Build Up completed
  • Selecting NetAsset > View Asset Register > Asset Register > Specific Asset
  • There will be a Reverse Revaluation button on the top navigation for the asset View full size

• Press the Reverse Revaluation button, a banner will appear on top of the screen, and you can periodically refresh the page until the reversal has processed View full size View full size
• As explained in the article Build Up Existing Asset when a Build Up is performed a specific journal entry is booked in the Depreciation Schedule View full size  
• When reversed the Journal Entry will be removed from the schedule. View full size
• Under the Related Records sub tab, the specific asset will be tied to the transaction View full size
• After the Reverse Revaluation button has been completed, the transaction under the Related Records subtab will be detached from the asset View full size
• Under the Revaluations subtab, the specific asset will be populated as a Build Up Revaluation Type View full size
• After the Reverse Revaluation button has been completed, the Revaluation Type under the Revaluations subtab will be reversed View full size
• Note if a Build Up needs to be reversed and the Reverse Revaluation is not showing up on your asset,  you should check to see if you have run depreciation entries after the effective Build Up date. You will need to reverse your depreciation entries back to the effective Build Up date, and then you can Reverse the Revaluation from there.