The Expiry Date Calculator Form allows Conquest to calculate the remaining useful life of a filtered set of Assets. This task is often performed immediately prior to a Revaluation.
By selecting either of the first two methods the calculation is based on each Asset’s:
•Date Created
•Condition at latest Inspection Date
•Condition. This provides a date selector to use Condition at that date
•The Transaction Date can also be set
The calculation is carried out on a filtered set of Assets:
When using Condition as the basis for calculation, the following options are available:
|
Option |
Purpose |
|
Condition at latest Inspection Date |
This is the recommended option. Uses each Asset’s current Inspection Date as the date for calculation of Remaining Useful Life. |
|
Condition |
Allows selection of a date, on which the current Condition Rating is thought to have been assessed. Not available if the ‘Use Inspection Date’ option is selected. |
When using the Date Created option, the Expiry Date is set to the Asset’s YearCreated field plus the Standard Life, as defined in the Asset Type.
When using the Condition option, the Remaining Useful Life is first determined by using the ConditionPoint field as a percentage of the Standard Life and then added to the Inspection Date.
The Run Task performs the calculation to update the Expiry Date on each on each of the filtered Assets. This new date is used by Conquest for the next calculation of Depreciation.
This function applies to both Valued and Unvalued Assets.