Recently I did a webcast on the new FREE Maximo Budget Monitoring application that IBM released with Maximo V220.127.116.11. This webcast was recorded and can be found HERE.
In preparing for this webinar I uncovered a few things that may accelerate your use of this new feature.
Budget can be set up in Maximo for a specific year or Maximo Financial Period. You will need to define the focus area for your budget. For example, you may want a budget for all production assets at a specific site. The application provides nine (9) predefined focus areas (Assets, Locations, Chart of Account and six GL segments) but the wonderful thing is you can also create your own focus areas.
Once this is done you can generate your “budget lines” and declare your budget amounts for each line. TIP: I used MXLoader to quickly load budget amounts into a couple thousand lines. It only took a few seconds.
So… now you have a budget containing budget lines and budget amounts. The next step is to approve the budget using the Change Status action. Once the budget is approved you can use the Update Budget Lines action to direct Maximo to tally up the estimate, committed and actual amounts for each line in your budget. The application allows you to set up your own rules for determining what goes in each cost bucket. To speed things up, IBM has included the ability to create some default rules, which you can use as a good starting point. This is done using the “auto-configuration” button on the Manage Rules action.
With this 1st release of Budget Monitoring for Maximo I found an issue with these default rules which I want to pass along here. I discovered the issue by creating a simple budget for the year 2018. I created two Work Orders, one with a Scheduled Start Date in 2018 and another with a Start Date in 2019. When I update the budget lines I saw the cost of both Work Order rolling into my 2018. Like you, I was only expecting the Work Order with a Start Date in 2018 to show up.
Turns out the rules provided by IBM will first look at the Report Date on the Work Order and use it. If the Report Date is blank it looks at the Target Start Date and uses it. If the Target Start Date is blank it uses the Schedule Start Date.
To fix this I simply modified these rules so they only consider the Scheduled Start Date… and… everything worked as expected! High-fives all around!
I should note that IBM has been made aware of this and will be making some changes to the rules created with their “auto-configuration” button.
I would encourage you to check out this new Maximo feature and let us know if you need any help getting this working for your organization.