Management of Fixed Asset Insurance

This process is used to manage insurance information for fixed assets. This also includes how to recalculate insured values for a new period, to use for an analysis of the company’s insurance values.

Normally, you specify insurance information when an insured fixed asset is entered or when an existing fixed asset is insured. Recalculation of insured values are done once every year. Analysis of the company’s insurance values can be done whenever needed.

Before you start

Follow these steps

  1. Enter insurance information.

    Insurance information is specified for all fixed assets that have some sort of insurance. Different fixed assets change in value at different rates. To manage this, you use separate index tables connected to each fixed asset.

  2. Recalculate insured value.

    1. Calculate a new insured value annually in 'Annual Run. Perform' (FAS190) by specifying the year and activating the 'Insured value' field.

    Note: The new insured values are then calculated using index tables, as follows:

    (Current index value)/(Previous index value) * (Acquisition value).

    When the recalculation has been made, the insured value for the fixed asset and the value period (that is, the period when the insured value arose) is automatically updated.

  3. Analyze insurance information. Print a report that displays, for each fixed asset, the acquisition cost (basic amount), the remaining value (that is, the acquisition cost minus depreciation), the insured value and the insured value index:

    1. Open 'Fixed Asset. Print Insurance Report' (FAS560) and specify the fixed assets/insurance to include in the report and also the value type for purchase and depreciation type. The report can be used as a basis for an analysis of the company's insurance situation.