New Asset Created by Recognition (Found Assets)

 

Previously unrecognised assets are those, which are considered to have never been accounted for and found either during a network condition inspection audit or during the course of Council officers day to day work activities.

 

These assets are often referred to as Not Previously Recognised or NPR assets.

1. Add a New Record

 Click on the yellow plus button from the toolbar to add a new Asset record.

 

Repeat steps as in Scenario 1.

2. Update Inventory and Condition Data

Select the Inventory and Condition data fields, which are relevant to this asset and update those fields, remembering to capture as much information about the asset as possible.

 

Note: As this may not be a new asset, the condition allocated to this asset must reflect the current condition as recognised by an experienced Council officer or professional valuer.

 

By applying the condition scores identified on the ground and the related Valuation Matrix, assets Written Down Value, Accumulated Depreciation and Annual Depreciation figures will be calculated.

 

myData will also calculate the age of the asset from Date Built field.

3. Update Financials

In the Valuations tab, update the following General Information: Valuation Date and Date of Acquisition should be the same while creating a new asset record and should be within the FY.

 

For each Asset Component, you will now be required to update the following information:

• Date Built
• Date of Recognition: This date cannot exceed the system date and must be within the current Financial Year
• Recognition Type: Populate from the available drop down list
• Valuation Date: This date cannot exceed the system date or start of current Financial Year
• Useful Life: as allocated for each asset component
• Unit Rate: as across each of the asset components
• Valuation Pattern: Select the appropriate valuation pattern for each asset component. The valuation pattern will apply the appropriate calculations for the Remaining Life and Written Down Value fields. Again, if you are uncertain as to what the pattern should be for each component, refer to a previous asset record
• Break down the costs of this asset in line with each component. This could be applied as a percentage based on the extent of works or taken directly from the schedule of rates in the tender documents

4. Update Audit Trail

Complete the Audit Trail fields to capture Transaction details.

5. Save Asset

 

Whilst you have the asset selected, click on the blue disk icon from the tool bar to save this asset record.

 

Note: By treating this Transaction in the above manner, the Financial Reconciliation Report in myData will identify this asset as an addition for the year.

 

By applying the appropriate condition score (such as in the example above), the Transaction for this record in the Movements Reconciliation Details will also correctly account for the asset's Fair Value, Accumulated Depreciation and Annual Depreciation.