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Updating worksheet calculations
There is a Contractor option in the Factoring / valuing tab: Automatically update calculations when the future LV is updated. If you tick this, then based on your actions, the system will scale the worksheet calculations to bring them into line with the future value.
Scaling worksheet calculations
Scaling the worksheet calculations means the following:
- For the main calculation:
- If there is a single calculation line, the system will take the new future value and divide it by the calculated value to derive a factor. The factor is applied to the calculated value to get the ideal new calculated value, and this value is divided by the value in the Qty column to get a rate. The result of this calculation is rounded to the nearest whole dollar, becoming the new rate. The new rate is then multiplied by the quantity to get the new calculated value. Note that this is going to be slightly less than the new future value because of the rounding down.
- If there are multiple calculation lines, the system finds the sum of all calculated values, and determines the factor based on this sum. The factor is then applied to calculated value, and the process described above is followed.
Say the new future value is 420,000. The old values are 100 x 3,000 = 300,000 and 200 x 500 = 100,000, so the total old value is 400,000. This gives a factor to be applied of 1.05. So the new calculated values are 300,000 x 1.05 = 315,000 and 100,000 x 1.05 = 105,000. To determine the new rate for the first item, the calculation is 315,000 / 100 = 3,150; for the second, it's 105,000 / 200 = 525. So the new calculations rows are 100 x 3,150 = 315,000 and 200 x 525 = 105,000.
- For alternate calculations, the system determines the factor to be applied as the future land value divided by the sum of the calculated values from the main calculation table. So this factor is applied in the same fashion as described above. In this way, the alternate calculations stay in proportion to the main calculations.
The system will scale the worksheet calculations for all properties affected by the following actions:
- Updating by a factor from the Component report page
- Setting a new land value from the Property search results
- Updating the future value by applying a factor to the LT LV from the Property search results page
- Updating the future value by applying a component factor to the LT LV from the Property search results page
- Setting the future value based on the area and a rate/area from the Property search results page
- Applying a factor to the LTV to regrade the future LV
- Applying a factor to the future value
- Saving changes to properties when updated via the grid
Updates to the calculations table
The Worksheet calculations panel was updated to show the LT and future land values under the main calculation table. If the future value is set and the total from the Calculations tab doesn't round to the same value as the future value, then the future value is highlighted.
Underneath the main calculation table, there is also a new button that you can click to have the calculated value sent to the future value on the valuation table.
This value will be rounded in accordance with VNSW's Rounding table unless the future valuation basis includes 26A.
Warning when saving
There was another Contractor option introduced to the Factoring / valuing tab: Warn when saving a property or supp and the future LV is different to the WS calc value. If this box is ticked, the system will pop up a warning when you go to save the property information, and the worksheet calculation value doesn't round to the same values as the future value.