Maximo 7.1 Finance Manager Guide

The Maximo 7.1 Finance Manager Guide serves as a crucial resource for professionals tasked with managing financial aspects within the IBM Maximo Asset Management system. It details how to leverage Maximo’s capabilities to streamline financial processes, maintain accurate records, and gain insights into asset-related expenditures.

A primary focus of the guide is on budget management. It outlines the steps for creating and managing budgets for various asset categories, locations, and work orders. This involves defining budget parameters, setting spending limits, and tracking actual costs against planned amounts. Finance managers learn how to use Maximo to monitor budget performance, identify variances, and take corrective actions to stay within allocated funds. The guide also covers encumbrance accounting, allowing for reservation of funds based on purchase requests or work orders, ensuring that planned expenditures are accounted for and prevent overspending.

The guide explains the creation and management of purchase orders (POs). It covers the entire PO lifecycle, from requisitioning goods and services to receiving items and matching invoices. Finance managers learn how to configure PO workflows, set approval limits, and enforce procurement policies. The guide also addresses contract management, enabling users to track contract terms, pricing, and performance. This allows for proactive management of vendor relationships and ensures that contracts are adhered to.

Asset depreciation is a key financial concept covered. The guide explains how to configure depreciation methods, calculate depreciation expense, and generate depreciation reports. This is essential for maintaining accurate asset valuations and complying with accounting standards. The guide details how to create depreciation books to manage depreciation according to different sets of rules (e.g., tax vs. book depreciation).

Inventory management from a financial perspective is also discussed. The guide covers inventory valuation methods, such as FIFO (First-In, First-Out) and weighted average cost. It explains how to track inventory costs, calculate cost of goods sold, and reconcile inventory balances. Proper inventory valuation is crucial for accurate financial reporting and control of inventory-related expenses.

Reporting and analysis are highlighted. The guide demonstrates how to utilize Maximo’s reporting tools to generate financial reports on asset costs, budget performance, purchase order activity, and inventory valuation. Finance managers can use these reports to gain insights into financial performance, identify cost-saving opportunities, and support decision-making.

Overall, the Maximo 7.1 Finance Manager Guide provides a comprehensive overview of the financial functionalities within Maximo, empowering users to effectively manage asset-related finances, maintain accurate records, and make informed decisions based on reliable data.