Journal Entry Entered after Revaluating Asset Lifetime of Fixed Asset

The journal is entered for an asset revaluation transaction when the Revision Rules in the asset record is set to Current Period - to account for all adjustments (previous depreciation) that will be made from the beginning of the useful life. When Revision Rules is set to Remaining Life, there will be no journal entries or even a revaluation record in the asset record to indicate that you changed the useful life or depreciation method.