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Fixed Asset Register Solution for Power Utilities

Objectives of the Project

The objective of the Project is to prepare a Fixed Asset Register (FAR) through physical verification, collection of data, record identification, valuation of all fixed assets of Power Utilities, along with digitalization of all electrical distribution & transmission network through survey & mapping and to prepare the record of all assets and to reconcile the value of assets with the value in books of accounts on all the assets that are distributed across the geographic area of operation of the company. After verification final data to be entered in the application/system with proper coding of assets.

What Are the Fixed Assets of Utilities?

Fixed Asset of power utilities consists of the following, which are distributed across the geographic area of operation of the Power Utilities within the State.

Land
Buildings
Plant and Machinery
Grid Sub-Stations
Power Transmission System
Power Distribution System of the electrical network of 400 kV lines, 220 kV lines, 132 kV lines, 11kV lines, HT, LT, etc,
Vehicles
Furniture & Fixtures
Office Equipment

Area Survey of Infrastructure / Property with DGPS

area survey of infrastructure, electrical assets, property with dgps
  • Perform physical verification of all fixed assets through conducting physical counting of all tangible assets at all locations.
  • Area measurement of open land parcels, Extent of all land, land appurtenant to Power utility offices and colonies will be identified & using DGPS area measurement of open land parcels and for other Civil structure external measurement and outlining of building premises using DGPS, All assets shall have details of the year of installation/ commissioning so that year-wise asset register can be prepared with ease.
  • The valuation of the land shall be done as per the record available with the discom or as suggested by the discom’s management.

Physical Counting of All Major Tangible Assets with Collection of Historical Cost of Assets

physical counting of all major tangible assets with collection of historical cost of assets
  • Perform physical verification of all fixed assets through conducting physical counting of all tangible assets at all locations
  • All assets shall have details of the year of installation/ commissioning so that year-wise asset register can be prepared with ease.
  • Prepare the report from each circle on physical verification of those fixed assets created/ modified/ shifted from one location to another, after the immediately preceding physical verification date.
  • All movable vehicles include cars, trucks, jeeps, dumpers and excavators, etc. will be sub-categorized under heavy and light vehicle categories.
  • All items relating to and forming part of Furniture & Fixtures and Office equipment shall be verified and listed under suitable heads.
  • Affixation of Unique Asset Identification code in Label

Physical Verification of Network Assets (GIS Survey)

physical verification of network assets through gis survey

  • DGPS Survey of electrical network assets of 440kV/220kV/132kV/33kV/11kV/LT lines, Grid Substations, feeder/DT metering equipment installed on electricity network of the Power Utilities is performed through physical verification and SLD is prepared for power utilities electrical network.
  • GIS Data will be digital, i.e., in the soft form and can be editable, all data collected to be as per data model and Affixation of Unique Asset Identification code in Label in all the network assets.

Supply and Affixation of Label for Asset Identification Number (AIN)

QR Code and system generated sequence number on electrical assets (electric pole, transformer, feeder)

The label will be handed over to the surveyor after the printing of the QR Code and system-generated sequence number, the printed labels will be treated as Asset Identification Number (AIN). All those QR codes will be affixed on each Electrical Network Asset & all other assets of the power utility department during survey work. The material used for the preparation of the QR code will be of 5 years adhesion warranty.

Preparation of Fixed Asset Register & Physical Verification With Considering a Cutoff Date for Valuation of All Assets

web based solution for register & physical verification of electrical assets
  • Preparation and compilation of Asset Registers and depreciation registers.
  • Discussion with utility on a plausible methodology to determine the historical cost of the assets. The methodology shall be approved by the Committee, formed for this purpose by Power utility department.
  • Assets Record shall be compiled conforming to the requirements of all relevant Acts/Regulations and shall provide complete particulars of the assets giving details with regard to costs with segregation of major cost components, description of assets, quantities, location, sub-division, month & particular of acquisition/ put to use, depreciation and other critical information in relation to conduct and management.
  • Depreciation shall be computed keeping in view the statutory provisions and shall conform to managements policy prescribed in this regard.
  • The Voltage wise segregation of fixed assets i.e. classification of fixed assets between the different kV transmission networks and depreciation thereon as required by the Electricity Regulatory Commission in the tariff petition shall also be incorporated in the fixed assets register.

Development of Web based GIS & MIS Solution for Storing SLD & Maintaining FAR

web based MIS (fixed assets management) software for storing SLD & maintaining FAR
  • A Web-Based MIS (Fixed Assets Register) software will be developed with unlimited users which will act as an indispensable tool for managing the assets of a company having capabilities of handling the entire lifecycle of fixed assets and evaluating the effects in terms of financial choices.
  • This tool allows you an effective management to carry out operations related to the asset and print reports of depreciation, revaluation, and gains and losses for this a Web-based GIS & MIS portal is developed for storing SLD & Maintaining FAR Development along with an integrated Mobile application for collection of Attributes integrated with Asset Register Portal.

Key features of FAR Solutions for Power Utilities

  • Provision of smooth Integration with existing Accounting System.
  • Easy management of Depreciation of Fixed Asset.
  • Facility of record keeping of all Disposals, Write-offs & Repairs of Assets.
  • Revaluations of all fixed assets.
  • Dashboards: With this important tool, users can analyze important information of the company filtered by: Week/month/quarter/semester/year/financial year and other periods and also based on the type of assets.
  • List and management of assets with other modules integration.
Assets warranties management.
Assign a factory, a supplier, or an imported cost centre from analytical accounting when registering an asset
Management of insurance policies.
Use a specified fee in the legal decrees with the date of purchase, or a fee set manually by the user, justifying the use.
Depreciation can be carried out in two methods: Straight Line and Declining Balance.
Depreciation is carried out in two periods: Annual fee and Monthly fee.
Visualize depreciation by cost centre and homogeneous group, and within these, it is possible to choose the synthetic mode which corresponds only to total values; or the analytic mode that corresponds to a detailed statement per asset.
  • Here are some examples of reports
Complete sheet of an asset and list of assets.
List of depreciation, individual or by group.
Depreciation balance sheet.
List of revaluations.
List of write-offs.
Printing labels, to identify the assets of the company.
Global depreciation and amortisation report.
Capital gains and losses report.
Reintegration report.
Legal reports according to the Finance Portal publications.

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We would love to learn about your business challenges and goals, and share insights about how we can possibly help you using FAR Solution. We would also be happy to show you some of the ways we’ve helped customers to get where they wanted to go.