Revaluation of Freehold property

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
Can anyone point me in the right direction?

A sole-trader client has recently re-mortgaged her buy to let property. This has resulted in a revaluation and I am not sure where to put the various entries in Sage Accounts production. There is a revaluation code that I presume I need to debit but where is the corresponding credit?

Thanks,
Ben

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Revaluation of Freehold property

    Hi Ben,

    The journals relating to the revaluation are debit relevant fixed assets (land and buildings) and credit revaluation reserve. The revaluation reserve is at the bottom section of the balance sheet i.e. in the capital account section and would normally appear as a separate reserve account. I think the codes in Sage are usually around 3200.

    Hope that helps you.

    Kind regards

    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Revaluation of Freehold property

    Thanks alot. I knew it had to be credited in the bottom of the balance sheet. I ended up adding a code for Revaluation.

    Ben

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