How can I undo or make corrections to a revaluation?

This article covers how to reverse a posted revaluation in the Revaluations screen and replace it with a correct one. Unlike most iplicit document types, a posted revaluation cannot be unposted – reversing it is the only way to remove its accounting impact. 

Why a revaluation has to be reversed, not unposted

Posted revaluations behave differently to other iplicit documents. Once the accounting period is locked, a posted revaluation cannot be unposted. If a revaluation has gone through with incorrect details, reversing it is the only way to remove its accounting impact before you create a correct replacement.

You may need to reverse a revaluation if:

• It was posted with incorrect details
• The wrong exchange rate was used
• It was processed against the wrong data.

Reversing a posted revaluation

Do this in the Revaluations screen:

1. Open the Revaluations screen
2. Go to the Posted section
3. Find the revaluation you want to reverse
4. Open the revaluation and select 'Reverse', or highlight it and select 'Reverse' from the available options
5. A confirmation message appears, warning that any linked documents will also be reversed
6. Select 'Continue'.

The revaluation is now reversed.

What happens when a revaluation is reversed

Reversing a posted revaluation removes its accounting impact and reverses any documents linked to it. Once this is done, you can create a new revaluation with the correct details.

Creating a corrected revaluation after reversal

Once the reversal has completed, create a new revaluation with the correct exchange rate, posting period, or other details. Check these carefully before submitting, since the same reverse-and-replace process would be needed again if another mistake is made.