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Fixed Assets - Revaluation feature

Hello,

I am preparing a set of accounts which includes investment property which requires fair value adjustments to account for the change in value. When I have dealt with this in previous accounting software there have been codes in the chart of accounts for a separate revaluation reserve account where the change in value is posted to as well as in the investment property value code and change in value on the P&L.

So on the statement of change in equity it shows the profit and loss reserve and a revaluation reserve.

According to Xero Support, Xero doesn't have any short-term plans to introduce a revaluation functionality in fixed assets which is very disappointing. More and more landlords now have properties in limited companies and therefore this function is quite important.
Has anyone else experienced this? Do you require the function?

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Luisa Nuttall MAAT AATQB shared this idea  ·   ·  Report…  ·  Admin →
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  • Mike Smith commented  ·   ·  Report

    Similar issue for us. We are just about to transfer our fixed assets to Xero.
    We revalue land and buildings annually.

    Possible work around is to set up additional asset code for each property in FA, (eg. Property x - building revaluation) and put revaluation through that code. Then do a manual jnl to record in ledger. Dr Buildings (B/S) and Cr Revaluation Reserve (P&L)

    Problem will be if value decreases. FA wont let you have negative value.

    Any other suggestions welcomed.