Create a new Asset that is constructed or purchased as Proposed, rather than Existing. Follow this with a Purchase or New Works Action. Complete the Action to bring the Asset onto the books with the Completion Cost as the Asset’s purchase price and starting value. See Creating an Action for more details.

For the same process on a Valuation Child Asset see Asset Hierarchy Considerations.

Things to be aware of:

•      Ticking the New Works checkbox on an ad hoc Action has the same effect, as if it were a New Works Action Type

•      On Valuation Assets marked for Depreciation, where the Expiry Date hasn’t been set, the Expiry Date is set to the Completion Date of the Action plus the Standard Life of the Asset

•      The System Option Force Depreciation before Action Completion ensures that no Depreciation Charges are missed

•      New Works and Purchase Actions on Valuation Children contribute to the Valuation Status of their parent. See Asset Hierarchy Considerations for more details

•      A New Works Action is also used to increase the value of an Existing Asset, by adding the value of the Action to the Asset’s Accumulated Capital Works