Actual Amount

Actual Amount Spent
Actual Amount Of Covid Cases

Actual cash value (ACV) is the amount equal to the replacement cost minus depreciation of a damaged or stolen property at the time of the loss. The actual value for which the property could be. Enter the Actual Amounts On another worksheet, named Actual, you'll enter the actual amounts, for each month and each budget category. This data entry section of the sheet is set up exactly the same as the Forecast sheet, with formulas to calculate the grand total for each category, and for each month.

The Actual Expense vs. Budget Expense chart compares your actual expenses to your budgeted expenses for the current fiscal year to date. The chart includes two bars per month. The first bar indicates your actual expenses while the second bar indicates your budgeted expenses. When you hover over a bar, a pop-up displays with the month and the exact amount details for the month. You can drill down on a month on the bar chart by clicking on the bars to get into the GL code records and documents. The vertical label (Y-axis) displays the actual amounts and the horizontal label (X-axis) displays months.

This page displays three grids: Details, Codes, and Actual Expense vs. Budget Expense.

Details

Selected Month: Displays the selected month for which the expense details are displayed.

Budget Version: Displays the primary budget version.

Fiscal Year Beginning Date: Camera control pro 2 download mac. The first day of the fiscal year for which you are entering transactions. This date cannot be changed after the organization is created.

Transaction Date From: Specifies the start date of the month for the transaction.

Actual Amount Spent

Transaction Date Through: The system displays the actual transactions through the current date (the date you login into the system) when you are viewing the current month, otherwise, it specifies the end of the month date for the selected period.

Codes

To search for a GL Expense account type, enter the GL code or title into the search box at the upper left of the table. All the transactions that match begin showing up in the list. To display the record, click on the blue link in the 'Expense' column for that GL Code.

GL Account Code: The system displays the ID associated with Expense types.

GL Account Title: The title assigned to the GL code.

Expense The actual expense incurred for the line item. Click the Expense to display the Actual Expense vs. Budget Expense | GL Code chart.

Budget: The budgeted or estimated expense for the line item.

Difference: The amount difference is calculated by subtracting the actual expense from the budget expense.

Actual Amount Of Covid Cases

%: The percentage difference is calculated by subtracting the actual expense from the budget expense, and dividing the difference by the budgeted amount for that GL Code.

Actual Expense vs. Budget Expense

The system displays a snapshot of the actual vs. budget expenses for the selected month:

Budget Total: The budgeted or estimated total for the specified month of the primary budget version.

Download google chrome on mac laptop. Expense Total: The actual expense incurred for the specified month of the primary budget version.

Darwin mac os x download. Variance: The amount difference is calculated by subtracting the actual Expense Total from the Budget Total expense.

Percent Variance: The percentage difference is calculated by subtracting the actual Expense Total from the Budget Total and dividing the difference by the budgeted total for the month selected.

Here is an example of how MIP calculates the percent variance on the back-end:

It subtracts the budgeted amount from the actual amount to find the increase or decrease from the budgeted amount and divides the difference by the budgeted expense. If you budgeted $1,000 for broker fees and you spent $1,500, subtract $1,000 from $1,500 to find you went over budget by $500 and divide $500 by $1,000 to get 0.5%.

There are several different methods by which your insurance company may calculate the amount it will pay you for a loss. Payment based on the replacement cost of damaged or stolen property is usually the most favorable figure from your point of view, because it compensates you for the actual cost of replacing property. If your camera is stolen, a replacement cost policy will reimburse you the full cost of replacing it with a new camera of like kind. The insurer will not take into consideration the fact that you ran three rolls of film through the camera every day for the last two years, causing a considerable amount of wear and tear.

In contrast, actual cash value (ACV), also known as market value, is the standard that insurance companies arguably prefer when reimbursing policyholders for their losses. Actual cash value is equal to the replacement cost minus any depreciation (ACV = replacement cost – depreciation). It represents the dollar amount you could expect to receive for the item if you sold it in the marketplace. The insurance company determines the depreciation based on a combination of objective criteria (using a formula that takes into account the category and age of the property) and subjective assessment (the insurance adjuster’s visual observations of the property or a photograph of it). In the case of the stolen camera, the insurance company would deduct from its replacement cost an amount for all the wear and tear it endured prior to the time it was stolen.

What Does “Replacement Cost” Mean?

The term “replacement cost” is defined or explained in the policy. Simply stated, it means the cost to replace the property on the same premises with other property of comparable material and quality used for the same purpose. This applies unless the limit of insurance or the cost actually spent to repair or replace the damaged property is less. Refer to your policy for the exact definition and explanation of replacement cost.

What is “Actual Cash Value”?

The term “actual cash value” is not as easily defined. Some courts have interpreted the term to mean “fair market value,” which is the amount a buyer would pay a seller if neither were under undue time constraints. Most courts, however, have upheld the insurance industry’s traditional definition: the cost to replace with new property of like kind and quality, less depreciation. Courts have varied in their rulings as to whether or not depreciation includes obsolescence (loss of usefulness as a result of outmoded design, construction, etc.).

So What’s the Difference?

The only difference between replacement cost and actual cash value is a deduction for depreciation. However, both are based on the cost today to replace the damaged property with new property.

What is an “Agreed Amount Endorsement”?

This endorsement is an agreement made by the insurance company wherein it waives the coinsurance clause on the specified property. As long as this endorsement is in effect, there would be no coinsurance penalty at the time of a claim. Insurers usually require a statement of property values signed by the insured as a condition of activating or including an agreed value provision in a commercial property policy.

What About “Book” Value?

Note that accounting or “book” value has no relevance to either of the previous methods of valuation. The depreciation rate reflected in “book” value would yield a terribly inadequate settlement. Another problem with using “book” value is that it may reflect only the items that are “capitalized.” To determine adequate limits, one must add “expensed” items into capitalized items.

Other Kinds of Valuation

Certain property may be subject to a special valuation basis other than replacement cost or actual cash value. The value reported should match the applicable valuation basis. For example, if the property policy is endorsed with a selling price endorsement for finished goods, the proper value to insure for finished goods is the cash selling price, less any customary discounts and expenses that otherwise would be incurred.

How does the co-insurance clause affect my coverage?

Co-Insurance Explained

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