Can you tell me how the “Factor application” box works?

When you go to save a component report after having updated the factor, or if you're reapplying a factor, you'll see this box:

So here's what's going to happen, based on which boxes you tick.

• If you leave the box as it is, the factor will be saved, but no future property values will be updated.
• If either of the benchmark boxes are ticked, then the component's nominated benchmarks (primary or reference/secondary) will be updated.
• If the Regraded properties box is ticked, then properties in the component whose future values have already been entered by hand will be updated.
• If the Attributed properties box is ticked, then properties in the component whose future values have already been set by the application of attribute values or worksheet calculations will be updated.
• If the Factored properties box is ticked, then properties in the component whose future values have already been set by choosing an apply factor option from the Property search results page will be updated.
• If the All other properties box is ticked, then properties in the component that don't have future values, or whose future values have been determined by the application of a component factor from this window will be updated.

You can choose any combination of these tick boxes, except ticking the None box will clear all the others.

What does "updated" mean above? It means that for the selected properties:

• The factor will be applied to the corrected LTV if it exists or the LTV if it doesn't, and the resulting value will be stored as the future LV.
• The valuation date is set to the later of today's date and the future base date.
• The heritage, subdivider's allowance and unutilised land value will have the factor applied and will be copied into the future value record.
• Other allowances except the attributable part will be copied forward.
• The authority code will be set to 14A(1).
• If it's not already set, the valuation basis will be brought forward. If the Contractor | Options | Factoring | Overwrite future with LT valuation bases when factoring box is ticked, the valuation basis will be brought forward whether or not the future valuation basis is already set.
• The valuation methodology will be set to COMPFACT.
• The factor will be stored as the applied factor on the future value record.
• If the risk rating is ANLYSALE, OBJECT, BENCHMARK or empty, the default risk rating will be determined, and added to the future value record, otherwise the LT risk ratings will be brought forward. Regardless, the risk rating date will be set to the valuation date.

When you click the Update button, it will change into a rotating progress indicator. If there are more than one hundred properties to be updated, the system will replace the bottom panel of the popup with a linear progress indicator that will endeavour to manage your expectations as to how long the process will take.