Cost Tab

The Cost tab allows users to calculate the cost of running the equipment.  It also helps estimate equipment value.

Field Name

Function

Purchase Date

The date the equipment was purchased.

Purchase Amount

The amount paid for the equipment at purchase.

Received Date

The date the equipment was received on site.

Service Life

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

Dep. Date

The date that the equipment will be depreciated or no longer used. It is auto-calculated as: Purchase Date + Service Life = Depreciation Date.

Salvage Value

An estimate of the amount for which the equipment can be sold or salvaged.

Dep. Amount

The current worth of the equipment, auto-calculated using the following method:

  • 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 current value of the equipment, calculated as: Purchase Amount - Depreciation Amount = Book Value

Replace Cost

The price of replacing the equipment.

Hourly Rate

The hourly cost of operating the item.  This calculation is determined by adding all costs associated with a piece of equipment and dividing that sum by the total average hours. Total costs/Total Average Hours = Hourly Rate

This calculation is made for all equipment with an operating status less than 950.

 Associated Costs Grid

The Associated Costs 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 piece of equipment to date.

A sample of the grid appears below. Sort records in the grid by clicking on the headings.  An 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.

associated_costs_grid

How To Add a Cost

Insurance Costs Grid

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

A sample of the grid appears below. Sort records in the grid by clicking on the headings.  An 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.

insurance_cost_grid

How To Add an Insurance Cost

In This Section

Associated Costs Grid

Insurance Costs Grid

See Also

Equipment Inventory

Equipment Inventory Header Data

General Tab

WO/PM Tab

Tracking Tab

Readings Tab

Items Tab

Components Tab

Inspections Tab

Plates Tab

Specs Tab

Purchase Tab

Evaluation (Eval) Tab

Warn/Start Tab

Reset Tab

Custom and Comments

Toolkit