Asset Revaluation leaving YTD Depreciation greater than Accumulated Depreciation
Asset revaluation is leaving YTD Depreciation of the asset greater than Accumulated Depreciation.
The Setups for Asset Revaluation are:
Do not Revalue Accumulated Depreciation, YTD Depreciation.
Retire Revaluation Reserve.
Asset added with certain YTD and Accumulated Depreciation, period closed, next period Asset revalaued with a %.
Revaluation completed Ok, Accumulated Depreciation is set to 0 (as all of it went into Revaluation Reserve) account.
But it left YTD depreciation as it is and hence I can not go and update Asset life after revaluation as it is throwing Error as YTD > Accumulated Depreciation.
As per FA functionality, this should not happen as ''Do not Revalue Accumulated Depreciation'' option should clear out all YTD and Accumulated Depreciation to Reval Reserve (or at least set the YTD = 0 to ensure asset life and other financial information can be updated after revaluation).