Uploading New Asset (Future Assets)
Generally, the financial books are closed off 2-4 months after the end of the Financial Year, once the Auditors have signed off on the final reports.
During this time, even if the system is not rolled over to the new Financial Year, users can start uploading assets for the new (next) financial year into myData.
Entering new assets for the new Financial Year in the current Financial Year (FY) will not affect the financial reports of the current year as well as for the next year.
Steps to add/import such assets are mentioned below:
Scenario:
User chooses to add 2016 assets in myData prior to closing off the current year in myData, being 2015.
E.g. we will add some assets into Footpath asset category and see the outcomes in the current and the new financial year's report.
There are 2568 existing assets in Footpath asset category.
Current status of myData: - Active FY – 2015
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01
Collate all the data into an excel file and prepare it for importing into myData.
If there are few assets then user can select to add them manually using the add functionality in myData.
02
Import data into myData using the Import function. (Please refer myData manual for details on Data Import)
Note: While mapping asset data from the excel file into myData fields, please do not map the following fields.
This applies to all the components of that particular asset category.
-
Recognition Date
-
Recognition Type
-
Date of Valuation
-
URR ($)
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03
Run the Financial Reconciliation report. See below. All the assets that have been added are not reflected in the report.
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04
Close off the current FY (2015). Please refer the manual to get details about this operation.
Once this process is complete, the system will roll over to FY 2016 (as below):
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05
Now users can add all the financial data to those records which were added in previously.
Asset ID URR ($) Valuation Date Date of Recognition Valuation Matrix Useful Life
| Asset ID | URR ($) | Valuation Date | Date of Recognition | Valuation Matrix | Useful Life |
| TEST 1 | 65 | 1/07/2015 | 1/07/2015 | Footpath Valuation Matrix | 58 |
| TEST 2 | 65 | 1/07/2015 | 1/07/2015 | Footpath Valuation Matrix | 58 |
| TEST 3 | 65 | 1/07/2015 | 1/07/2015 | Footpath Valuation Matrix | 58 |
| TEST 4 | 65 | 1/07/2015 | 1/07/2015 | Footpath Valuation Matrix | 58 |
| TEST 5 | 65 | 1/07/2015 | 1/07/2015 | Footpath Valuation Matrix | 58 |
| TEST 6 | 65 | 1/07/2015 | 1/07/2015 | Footpath Valuation Matrix | 58 |
| TEST 7 | 65 | 1/07/2015 | 1/07/2015 | Footpath Valuation Matrix | 58 |
| TEST 8 | 65 | 1/07/2015 | 1/07/2015 | Footpath Valuation Matrix | 58 |
06
Run the Annual Reconciliation Report. These assets will be reflected as additions in the Annual Report as shown below:
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07
From myData version 1.8.7, the user can create a new asset after Close 1 and before Close 2. In this circumstance, the value of the new asset will be reflected at Revaluation Column of Closing Difference Report; the value of the new asset will be also reflected at Post Closing Balance Replacement Value column of Financial Reconciliation Report.
In reference to the above-mentioned steps of uploading a new asset, the user needs to repeat Step 1 after Close 1 (close-off current financial year); repeat Step 2 but including red-coloured text (date of recognition and valuation date should equal to 30/06/20xx); skip Step 3, Step 4 and Step 5; and finally run Step 6.
