How To Manage Financial Data

First up, have a complete understanding of the relationships of Valued Assets to other Assets in the Asset Hierarchy. See Asset Hierarchy Considerations for details.

Use any or all of the following methods, to manage the financial data of Assets:

      Use the Conquest Asset Form, Valuation Tasks to directly manage an individual ‘Valued Asset’

      Use the Import Manager to create or change Assets and Financial Actions in bulk

      Use the Financial Utility Tools, to apply Valuation changes across a filtered set of Assets:

      Batch Indexation

      Batch Depreciation

      Batch Valuation

      Expiry Recalculation

      Individual Rollback

      Replacement Cost Modification

      Reversals

      Security

Things to be aware of:

If a Valued Asset being edited in the Asset Form, Valuation section, Valuation Settings subsection has the Valuation Asset checkbox disabled (ticked greyed out), the Asset data does not conform to the valuation dependency rules. See Asset Hierarchy Considerations for details. If this is the case, ask Conquest Support for help.

Many organisations categorise their Assets with a ledger number, function code or the like from their financial system, which can be recorded in the Conquest data e.g.

      The Account Number field

      One of the System User Text or System User Number fields

      In the Function Hierarchy

      See the Assets and Functions for more details

Before running a Batch Valuation, check the Replacement Cost on existing Asset Types for accuracy.  With new Asset Types this normally isn’t necessary, as they will have up to date costs. If the Replacement Cost for many Asset Types needs to be increased by a set percentage (e.g. CPI), use the Replacement Cost Modification, Financial Utilities tool, to enter a percentage increase for the filtered Asset Types.  See Replacement Cost Modification and Asset Type Valuation for more details.

Any time that capital works are performed on an Asset, use a New Works Action, to create a financial transaction and add its cost to the Accumulated Capital Works’ of the Asset, on Action Completion.

When an Asset is removed or sold, use a Disposal Action, to create a financial transaction and write down its value to a lesser amount (zero for a full Disposal), on Action Completion.

When an Asset has valuation data that is wrong in some way, use a Journal Entry with a Transaction Date to correct it by modifying any of:

      Value

      Accumulated Depreciation

      Accumulated Capital Works

Use Rollback Transactions to remove and reset Transactions that were done in error.

To be valued an Asset must have the following data set:

      Created Date or a Condition

      Standard Life

      Replacement Rate

      Measurement

Standard Life and Replacement Rate are acquired initially from the Asset type but can be changed per Asset, by changing the Expiry Date or Modify Rate in the Asset Form.