Customer Case:
The customer wants to understand how asset costs are calculated in ON!Track and what factors influence the current cost value displayed for an asset. They need clarification on the role of Rate Settings and Cost Settings in the asset cost calculation process.
The customer wants to understand how asset costs are calculated in ON!Track and what factors influence the current cost value displayed for an asset. They need clarification on the role of Rate Settings and Cost Settings in the asset cost calculation process.
How does ON!Track work?
The Asset Cost functionality in ON!Track is based on two key configurations:
The Asset Cost functionality in ON!Track is based on two key configurations:
- Rate Settings
- Cost Settings
The current cost of an asset is calculated using a simple formula:
Current Asset Cost = Asset Rate × Number of Days on Site
Rate Settings
Rate Settings are configured by the customer for individual assets. In simple terms, a Rate Setting represents the daily rate or cost assigned to a tool or asset.
Cost Settings
Cost Settings are configured at the location level and determine how ON!Track calculates the number of days an asset has spent on a jobsite. The customer can define:
- Which days should be considered chargeable (for example, working days only)
- The working hours for the jobsite
Using these settings, ON!Track calculates the actual time an asset spends on site and converts it into the applicable number of chargeable days.
Once the number of days on site has been determined, ON!Track multiplies that value by the asset rate defined in the Rate Settings. The resulting value is displayed as the current asset cost in ON!Track and related reports.