The finance close process allows utilities to add or remove assets from continuing property records (CPR) and the general ledger based on FERC, CPR, and/or Plant accounting codes. WFM allows for these asset tracking codes to be set at the CU level.
Every utility's process is slightly different and SSP can implement a data export, report, or integration to provide the accounting data your organization requires.
SSP WFM provides a streamlined process for managing an asset through its installation or retirement life-cycle: designed, cost estimated, approved, scheduled, constructed, as-built reported, mapped in GIS, unitized and completed.
This process is enabled by the use of compatible units (CU's). Compatible units are updated to include specific accounting information to account for charges based on Federal Energy Regulatory Commission (FERC) system of accounts. Capturing the asset installation and retirement detail combined with the FERC code forms the basis for the asset unitization process.
WFM users with the Accounting role and Unitize Inventory permission are allowed to unitize the monthly inventory using the Unitize Inventory panel within the Unitization tool. When opening the tool, a list of monthly inventory numbers waiting to be unitized are presented to the user in the inventory number drop-down.
Asset unitization requires the actual material cost and total construction cost for each SR. WFM supports manual entry of these values, but many utilities may wish to build an automated interface to their job costing and payroll systems to automatically load this data for completed jobs.
After the actual costs have been accumulated for the selected monthly inventory, the additions and retirements reports will be enabled for execution in the report drop-down list. The logic and calculations for asset unitization are built into the reporting functionality.
A small sample of the Additions report is shown below. The report produced by the Unitization tool is in Microsoft Excel format.
Next, a small sample of the Retirements report is shown below. The report produced by the Unitization tool is in Microsoft Excel format.
Once the reports are reviewed and accepted for the monthly inventory, the user closes the inventory by clicking the close inventory button. This action moves all SR's in the inventory from "Pending Unitization" status to "Closed" status, concluding the asset unitization workflow.