Calculation of Asset Costs
When an asset is or was located at a cost location, ON!Track creates a cost entry for each period the asset is spent on site. Each entry includes:
- Date Arrived: The exact time the asset arrived at the cost location.
- Date Left: The time the asset left. This remains empty if the asset is still on site.
- Days on Site: Calculated from the arrival date or the start of the reporting period (whichever is later) to the departure date or the end of the reporting period (whichever is earlier).
- Workdays on Site: Based on the same time range, but only includes days marked as workdays in the cost location settings. Holidays and non-workdays are excluded. Only the hours between the defined start and end times of each workday are counted.
These rules ensure that cost calculations reflect actual usage time, aligned with your company’s working calendar.
Current Asset Costs Calculation
The current asset cost is calculated using the formula: Workdays on Site × Daily Asset Cost × Quantity.
General Calculation Rules
- Non-Cost Items: If an item has no cost assigned (e.g., cost type is set to "None"), the Workdays on Site and Current Asset Cost fields will be blank.
- Calculation Timing: Asset costs are updated daily, based on data up to the previous day. The calculation runs overnight.
- Minimum Duration: An asset must be at a cost location for at least 30 minutes to be included in the cost calculation.
- Asset Cost Setting History: Only the current asset cost settings are used. Past settings are not visible and not included in calculations.
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Recalculation Triggers: Costs are recalculated automatically if there are changes to:
- Asset cost settings
- Company or cost location settings
- Asset transfer history
- Deleted Locations: If a location is deleted, any costs already recorded there will still appear in the Asset Cost Report (ACR).
Plug costs
Overview
Plug costs are one-time adjustments in asset cost reports, used to account for overheads like transport to a job site or credits for clean material returns to storage. They reflect financial changes not captured in daily asset usage.
Business Rules
- Cost Location: Every plug cost must be linked to a specific cost location.
- Independence from Assets: Plug costs are independent of assets.
How to Get Started
Users with the necessary permissions can create a plug cost by entering:
- Cost Location: The location where the cost applies
- Description: A short explanation of the cost.
- Amount: The cost value.
- Date Occurred: The date the cost was incurred.
Note: Plug costs cannot be edited. To make changes, delete the existing entry and create a new one.
Plug Costs in Reports
- Plug costs appear in the Asset Cost list view and can be exported with filters applied.
- To exclude plug costs from reports, use the Cost Category filter.
If you are interested in understanding the basics of cost reporting, please check: Getting started with Cost Reporting
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