Yes, I am aware. I can set the Write Down account to the asset cost account which essentially would create an in and and out. However, I'm still not sure how the Accumulated depreciation and depreciation expense transactions are being calculated. Should I provide an example entry?

Hello, Thank you for your response. The scenario is that the asset was already placed in service so it would not be of "New" status, it would be depreciating. The revaluation method doesn't work because of the resulting journal entries as noted above. Are there resources regarding how the accumulated depreciation and…

Also, a JE to accumulated depreciation and depreciation expense are also being recorded. I do not understand how this amount is being calculated or why anything is being recorded.

Hello, I tried the negative revaluation as suggested and a JE was created to increase the value of the asset and record a gain/loss. I do not want any JE to be created when adjusting the value of the asset up. The asset cost GL account is already increased by the additional costs coming in through a vendor bill and there…

I will try this again with a negative revaluation. I have tried this when adjusting the cost of the asset down and it would create journal entry, reducing the asset account balance and recording a gain/loss. I do not want a JE recorded as the asset cost account is already adjusted through recording the vendor bill.

Hi @Micah Timbol-Oracle , No, I have not figured this out. Any suggestions?

@MoonK Were you able to get this error fixed? We are having the same issue.