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Process to Keep Asset Register Current-In-Year

In any active financial year generally we need to add new assets (acquisitions), edit existing asset data (inventory, condition, financials, etc) and carry disposals of assets from the asset register. Some of these actions will affect the financials. Follow the steps below to keep the asset register most current in a financial year.

1. The new financial year commences according to the laws set out for each country where the software is deployed (e.g. The financial year in Australia commences on 1 July).
   
   
2. Update Assets where Capital Works have occurred In-Year.
   
   
3. Update the Asset Register where asset materials, dimensions or condition have been coded incorrectly.
   
   
4. Upload Gifted Assets (assets constructed by developers or other Authorities and handed over) or Found Assets. These assets can be bulk imported (using your import template) or can be added manually.
   • Note 1: Capital Works assets can be uploaded in bulk but without their URR ($). To assign a value to assets use the 'In-Year Treatment' tool, as these assets needs to come on to accounts at cost.
     
     
5. Update the Asset Register regarding disposals, which have occurred In-Year.
   
   
6. Once the Asset Register is considered complete and up-to date, run the Financial Reconciliation Report as at the end of your country's Financial Year.
   • Note 2: This report should be run depending on your update processes at any time after the end of the Financial Year;
   • Note 3: Save this report as myData Financials Report as at the end of the Financial Year (e.g. 30/06/XXXX for Australia)
   • Note 4: Where there have been movements in the Valuations, double click on the totals in the report and save these Reports in their corresponding Asset Categories as at the end of the Financial Year
     
     
7. Run the Asset Additions Report and save this as myData Additions Report as at the end of the Financial Year.
   
   
8. Run the Asset Disposals Report and save this as myData Disposals as at the end of the Financial Year.
   
   
9. Run the At Cost Transaction Report and save this as at the end of the Financial Year.
   
   
10. Run the Impairment Report and save this as at the end of the Financial Year.
    
    
11. If Revaluation is required on assets, perform Close 1 of the Financial Year and upload new data including new URR, UL and any other parameters that have changed or should be changed.
    
    Once all the assets have been re-valued;
    
    
12. Run the Financial Reconciliation Report again as at the end of the Financial Year. (Note that you are still in the same financial year as per Step 6) Save this Report as myData Financial Revaluation Report as at the end of the Financial Year.
    
    
13. Run Closing Difference report as at the end of the Financial Year.
    
    
14. Close the Financial Year (perform Close 2).
    
    
15. If Indexations is required to be done on assets then populate the indices on the screen which appear after the Close 2 system calculations.
    
    
16. Run the Financial Reconciliation Report again as at the end of the now previous Financial Year (after performing Close 2 myData has rolled over to the new Financial Year so this is now last years report).
    
    
17. Run Closing Difference report as at the end of the now previous Financial Year (as per step 16 current Financial Year minus 1).
    
    

Asset Register Updates are now complete and the system has rolled over into the new Financial Year.

• Note 5: The last financial values will now become the opening Balances in the next Financial Year

 

Repeat the same process every year to keep the asset register most current with engineering and financial information.