Costs Tab

The Cost tab allows users to calculate the cost of using a vehicle. It also helps estimate the vehicle's value.

Field Name

Function

Purchase Date

The date the vehicle was purchased.

Purchase Amount

The dollar amount of the vehicle at purchase.

Received Date

The date the vehicle was taken possession of.

Service Life

The number of years that the vehicle is expected to be used before being retired.

Full Dep. Date

The date that the vehicle will no longer be used. This date is auto-calculated as: Received Date + Service Life = Depreciation Date.

Salvage Value

The dollar amount for which the vehicle can be sold or salvaged.

Dep. Amount

The current worth of the vehicle, which is calculated as follows:

Determine the number of Months of Service Life (MSL): Service Life*12 = MSL
Determine the date of Last Full Month (LFM) by noting the current date and determining the last day of the previous month. For example, if system date = 4/7/2005 then LFM = 3/31/2005; if system date = 3/31/2005 then LFM = 2/28/2005.
Determine the First Month of Depreciation (FMD) by looking at the Received Date. If the Received Date is during the first half of the month (14th and before), that month is used. If the Received Date is during the second half of the month, the system considers the next month the FMD. For example, a Received Date of 4/14/2001 would set the FMD to 4/1/2001. A Received Date of 4/16, 2001 would be set to 5/1/2001.
Determine the Months of Depreciation (MD): LFM - FMD = MD
Final calculation: [MD(Purchase Amount - Salvage)]/MSL = Depreciation Amount

Book Value

The remaining value of the vehicle, which is calculated as:

Purchase Amount - Depreciation Amount = Book Value

Replace Cost

The dollar amount necessary to replace the vehicle.

Hourly Cost

The price of operating the vehicle for one hour. This calculation adds all costs related to the vehicle. That number is then divided by the total average hours to reach the Hourly Cost value.

Total costs/Total Average Hours = Hourly Cost

This field is calculated for all equipment with an operating status less than 950.

Total Ins Cost

The sum of the Amount fields from all records in the Insurance Costs grid.

Cost Information Grid

The Cost Information grid allows users to enter additional costs that are not included in a work order. The cost values entered in this grid are used in the Evaluation tab to calculate the total amount spent on a fleet vehicle to date.

A sample of the grid appears below. Sort records in the grid by clicking on the headings. An up or down arrow (highlighted in orange below) indicates whether data appear in ascending or descending order. The functions in the grid allow user to view, add, edit, or delete the record.

Right-click in the grid to add a record.

Right-click on an existing record for options to View Record, Add Record, Edit Record, or Delete Record.

Double-click on an existing record to open it.

Right-click in the grid and select Add Record. The following window will appear:
Enter a Cost Description. This is required
Fill out other fields as desired
Save and close the record.

Insurance Costs Grid

The Insurance Costs grid allows users to enter additional insurance cost information. The costs entered in this grid are used in the Evaluation tab to calculate the total cost of insuring the vehicle to date.

Right-click in the grid to add a record.

Right-click on an existing record to for options to View Record, Add Record, Edit Record, or Delete Record.

Double-click on an existing record to open it.

Right-click in the grid and select Add Record. The following window will appear
Fill out the Start Date and End Date of the insurance coverage. These are required.
Fill out the Amount the insurance costs. This is required.
Fill out other fields as desired.