How to document object valuation details

In Model Application 5.2 and earlier, valuation, insurance and indemnity information about objects is managed on the Value | Insurance panel in Object catalogue records:

The fields on this panel are adequate for recording key financial and risk management details, but comprehensive valuations, insurance and indemnity documentation of collection items can involve more information and activities (actions) than these fields can accommodate. This is addressed with the Standard Model and the introduction of two data sources dedicated to managing valuations and insurance and indemnity matters: Insurance and indemnity and Valuation.

Valuation and Insurance and indemnity records are designed to work together. Details about your institution’s insurance and indemnity policies are documented in the Insurance and indemnity data source; when we list objects covered by a policy on the Covered objects panel in an Insurance and indemnity record, it is possible to link to a Valuation record that assesses an object's value (details here); details from the Insurance and indemnity record will automatically display in the Insurance fields in the linked Valuation record.

In this topic we describe how to document object valuation details in the Valuation data source.

Records in the Valuation data source document the formal valuation of collection objects. Typically, a valuation is conducted when taking out or renewing an insurance policy for an object, or perhaps when the object is to be on loan, for instance. A valuation assessment may also be undertaken before an item is acquired (see the Initial valuation fields in an Acquisition items record for details). A Valuation record holds valuation details about a specific Catalogue item, including amounts, currency, exchange rate, who conducted the valuation, why it was undertaken and when. On the Actions panel, a basic workflow tool for managing tasks related to the current record, it is possible to document and manage any related activities (actions), such as scheduling meetings. Digital copies of documentation can be made available on the Digital References panel.

The panels available for managing and documenting object valuations are:

The purpose and use of many fields are clear and straightforward, and we only highlight those of particular importance below:

Details

This panel holds core information about the valuation of a specific Catalogue item; including amounts, currency, exchange rate, who conducted the valuation, why it was undertaken and when; as well as the current status of the record:

Field group	Field	Details
Valuation	Reference number / reference_number (RN)	A reference number for the record. If you do not provide a reference number, a number is automatically assigned when the record is saved.
Object details	Object number / object (IN)	A Linked field A type of field used to link one record to another. A Linked field is a drop list of values (records that the field can link to). When a link is made, the field stores a reference to the linked record (a linkref). to the Catalogue. Enter an object number if known or click the Link icon to display the Find data for the field box and search for the relevant object. Details about working with the Find data for the field box can be found here. Dataset and Summary are auto-completed with details from the selected Catalogue record. When the Valuation record is saved, details about the valuation are added to the Value \| Insurance panel in the linked Catalogue record.
Valuation details	Valuation type / valuation.type (do)	Drop list of values identifying the type of valuation carried out, e.g. insurance.
	Status / valuation.status (ts)	Drop list of values identifying the status of the valuation: undefined active pending inactive This status is distinct from the Current status of the record (which is tracked below); here we track the status of the valuation itself. For example, a valuation might be recorded as pending if a valuation is required but not yet authorized or performed.
	Valuation / valuation (T4)	Numeric field. Enter the valuation amount (key in a number and/or use the arrow heads to increase / decrease the amount):
	Currency / valuation.currency (TZ)	A Linked field A type of field used to link one record to another. A Linked field is a drop list of values (records that the field can link to). When a link is made, the field stores a reference to the linked record (a linkref). to the Currencies data source. Indicate the currency of the amount entered in Valuation (valuation (T4)). Select from the drop list of currencies that displays when the cursor is in the field; alternatively, click the Link icon to display the Find data for the field box and search for the relevant currency.
	Valuation by / valuation_by (TX)	A Linked field A type of field used to link one record to another. A Linked field is a drop list of values (records that the field can link to). When a link is made, the field stores a reference to the linked record (a linkref). to Persons and institutions. Start typing the name of the institution (or person) who performed the valuation of the object and select it from the drop list, or click the Link icon to display the Find data for the field box; search for the relevant person or create a record in Persons and institutions and link to it (if authorized to do so). Details about working with the Find data for the field box can be found here.
	Valuation date / valuation.date (TD)	The date of the valuation. Type a date or click the Calendar icon to select a date (details about date fields and how to use the Calendar can be found here).
	Exchange rate / exchange_rate (T6) Exchange currency / exchange_currency (ih) Exchange value / exchange_currency (ih)	If the valuation was provided in a different currency to the amount recorded in Valuation (valuation (T4)), record the pre-conversion amount in Exchange value and the conversion rate in Exchange rate; indicate the currency of the pre-conversion amount in Exchange currency.
	Authoriser / authoriser (TE)	A Linked field A type of field used to link one record to another. A Linked field is a drop list of values (records that the field can link to). When a link is made, the field stores a reference to the linked record (a linkref). to Persons and institutions. Start typing the name of the person who gave the go-ahead to have the object valued and select it from the drop list, or click the Link icon to display the Find data for the field box; search for the relevant person or create a record in Persons and institutions and link to it (if authorized to do so). Details about working with the Find data for the field box can be found here.
	Authorisation date / authoriser.date (Td)	The date on which authorization was given to have the object valued. Type a date or click the Calendar icon to select a date (details about date fields and how to use the Calendar can be found here).
	Source / source (im)	Text field. Provide details of the origin of the information or data used in the valuation, which can include historical records, previous appraisals, auction results, market data, expert opinions, and provenance documentation. Source is the foundational data that supports the valuation process.
	Method / method (td)	A Linked field A type of field used to link one record to another. A Linked field is a drop list of values (records that the field can link to). When a link is made, the field stores a reference to the linked record (a linkref). to the Thesaurus. Method refers to the approach or technique used to determine the value of the item. Select from the drop list of methods that displays when the cursor is in the field; alternatively, click the Link icon to display the Find data for the field box and search for the relevant method.
	Reason / reason (tr)	A Linked field A type of field used to link one record to another. A Linked field is a drop list of values (records that the field can link to). When a link is made, the field stores a reference to the linked record (a linkref). to the Thesaurus. Identify the reason why the valuation is undertaken, for example: acquisition insurance loan conservation Select from the drop list that displays when the cursor is in the field; alternatively, click the Link icon to display the Find data for the field box and search for the relevant reason. Details about working with the Find data for the field box can be found here.
	Next valuation date / next_valuation_date (IH)	Indicate the date when the object is next due to be valued. Type a date or click the Calendar icon to select a date (details about date fields and how to use the Calendar can be found here).
	Description / description (BE)	Text field (will expand to hold a significant amount of information). Provide any relevant details about Source, Method and Reason.
	Notes / notes (OP)	Text field (will expand to hold a significant amount of information). Provide any other important details about the valuation.
Insurance	Reference number / insurance.reference_number (Ir)	A Linked field A type of field used to link one record to another. A Linked field is a drop list of values (records that the field can link to). When a link is made, the field stores a reference to the linked record (a linkref). to the Insurance and indemnity data source. While Reference number is editable (you can delete a value from it), you do not link to an Insurance and indemnity record from here. Reference number and Record summary are automatically updated with details from an Insurance and indemnity record when an object is added to an Insurance and indemnity record on the Covered objects panel and it is linked to the Valuation record that assesses its value (details here). Here we see the Covered objects panel in an Insurance and indemnity record:
Current status		Manage the current status of this record, including who set the status and when (Status date / Status time); any additional information can be added to Status note (current_status.note (sN)). Any change to the Current status of the record is tracked on the Status history panel.
	Status / current_status (sS)	Drop list of values. Select the current status of the record: pending pending approval approved open completed rejected cancelled
	Status by / current_status.name (sB)	A Linked field A type of field used to link one record to another. A Linked field is a drop list of values (records that the field can link to). When a link is made, the field stores a reference to the linked record (a linkref). to Persons and institutions. Specify who set the status.
Record summary	Record summary / record_summary (Z0	An auto-generated summary of the record's data taken from one or more key fields. More details here.

Valuation records include the Expenses, Actions, Media, Digital references and Free fields panels.