# Updating valuations
## **Valuation Update**
By default, Tactyc calculates the FMV of an investment based on the last post-money valuation from a financing round x the fund’s ownership % in the investment. However, frequently you may need to update “mark up or mark down” a deal even if that company did not have a financing round.
To update an investment ‘s fair market value:
1. Open the investment
2. Under **Performance Cases,** add a new round and select **Valuation Update**
3. A Valuation Update event will now be created. Click on **Edit** on the Valuation Update event
4. Enter the latest valuation for the company and click on **Close**
## **Bulk FMV Update**
Periodically, you may want to mark-up or mark-down the valuation of multiple portfolio companies at once. Tactyc provides a Bulk Update option to make this process easier.
* Click on **FMV Update** from your investments page
* Enter the date when you want to apply the updates and whether you want to enter the **Aggregate Valuation** or the **FMV** on the deal
* Enter your latest valuation data in the next dialog and click on **Save**
* Tactyc wil automatically apply **Valuation Update** events for all your changed investments
## Updating FMV independently of Aggregate Valuation
By default, Tactyc calculated FMV as :
```
FMV = Post-Money Valuation x Fully Diluted Ownership (%)
```
If a round has been entered with share-level data, then the FMV is determined as
```
FMV = Price per share x Shares Owned
```
However, there may be situations where you want to "disconnect" the FMV from the company's valuation and ownership. For e.g,
* You want to reflect the impact of liquidation preferences in the FMV
* You want to not mark-up or mark-down FMVs based on changing valuation caps of SAFEs and Convertibles Notes
To do this, you can **manually override the FMV independently of the company valuation**
1. Click on the **FMV figure** for the round you want to change the FMV for
2. Check the **Enable Manual FMV Override?**
3. Enter the desired FMV
The FMV should now be updated for the entered FMV figure, and highlighted in green to show that it has been manually overridden.
Tactyc will now respect the entered FMV figure for all reporting purposes.
