PREPARING FOR ASSET REVALUATION
A Leading University in New Zealand
Project at a Glance
AA highly regarded New Zealand based University decided to expand its existing Asset Management functionality to revalue and impair assets.
The University’s assets were being managed by the PeopleSoft Asset Management Module, however, the tool was not being utilized to its full capability. The University required a system within PeopleSoft to update the cost (or Fair Value) of an asset on a particular date.
After in-depth evaluation of various solutions for revaluation, the University decided to implement Revaluation and Impairment functionality of PeopleSoft Asset Management. The system met all the critical business requirements and integrated with their existing IT eco-system. The following benefits were considered during the selection:
- Flexible Asset Management system for tracking asset cost.
- Provides an accurate asset cost for a particular period.
- Capability to view accumulated depreciation update each period.
The following factors were considered critical to ensure project completion within timelines.
- Deploying experienced PeopleSoft resources and qualifying project accountants and end users for the project team.
- Assuring management support from the University for timely sign-off of deliverables, continuous end users’ feedback and adoption of the proposed project monitoring process.
- Leveraging PeopleSoft delivered features including reports with no customization.
Working closely with the client, the 1218 Team was able to deliver required results in a manner consistent with the client’s objectives and budget requirements.