Changing the Property Valuation

Property values go up and down over time.  There are a couple of places that you can enter these depending on what exactly you want to show.

Recording a valuation

The first place to head to is Property Manager > Properties > open the property > Valuations and add a valuation into here.  However, while this updates some parts of the software, it does not update the Fixed Assets account.  If you need this, there is a second further process you need to use.

Updating the Fixed Assets account

To show changes of the valuations in the Fixed Assets account, we need to record journals.  Before that, we need to add to the Chart of Accounts.  Go to Settings > Chart of Accounts and add the following account:

Account Type: Revenue

Account Name: Revaluation of Assets

Untick Include on Landlord's Income Tax Report

The journals will show the changes in valuation going between this account and Fixed Assets.  This means that the entries will look like this (assuming a change of £5000 in either direction):

Increase in valuation

Decrease in valuation

If you do not wish the Revaluation of Assets account to show up in the P&L report, simply change the type of that account from Revenue to Equity.