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New Asset Created by Acquisition (Contributed / Gifted Asset)

Creating a new asset, which has been gifted by a developer to Council during the current Financial Year

1: Add a new record

STEP 1: Select the Asset Category for which you want to create a new record (Either select any asset in that Category or select the Category itself).

STEP 2: Select Add Record from the Edit menu or click the Add New button. The following screen will appear:

Type the new ID in the asset ID field.

myData will show the last asset ID used.

If Auto Asset ID generation is activated, myData will assign an Asset ID as per the ID generation rules.

For more details on Auto Asset ID generation please refer to the myData User Guide.

Some of the generic information can be populated in the left hand section of the window.

This screen is the summary screen (as configured by user) of this particular asset category.

 

The User can add a parent to this new record using the Add Parent option in the screen above.

 

This asset can also be associated to another asset via the Associated Asset tab later on.

 

For further options of adding new assets refer to the myData User Guide.

 

Click the Add button and the asset has been added in myData.

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 is a new asset, the recommendation is to allocate the highest possible condition score to the asset (usually 0).

 

Refer to your Business Process Manual for further information.

3: Update financials

In the Fair Value tab, update the following General Information:

 

Valuation Date and Date of Acquisition should be the same if the condition based Valuation Matrix is used.

 

Valuation Date, Date of Acquisition and Date Built should be the same if the Age based Valuation Matrix is used.

  • Date Built: Actual date of construction
  • 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 the current Financial Year
  • Useful Life: as allocated for each asset component
  • Unit Rate: as allocated 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 the asset record

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

 

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