There is a common misconception in Maximo on when to use the return item transaction or a move asset transaction.
The return item transaction should be used when an item has been consumed by a GL entity, but for one reason or another, the item was not necessary and therefore needs to be returned to the storeroom at its full issued value. Again, a return is to negate an issue transaction.
The move asset functionality should be used in the case where the user wishes to capture the fact that an asset has moved from one location to another. This means a transfer of value.
In the case of a traditional equipment asset, the value of the asset literally moves from the GL of one location to the GL of another. In the case of rotating assets this still holds true, however the inventory costs associated with that asset are also tracked within the Rotating Suspense account. At the time the rotating asset is moved into an inventory location, any transactions that were written to the Rotating Suspense account will then be transferred to the storeroom’s control account. Additionally, MAXIMO will adjust the average cost.
This has been extracted from Rotating Asset Accounting by Kevin Buonagurio.
We have very expensive chairs and benches at our organization. If we want to tag each chair and bench with a unique identifier, these should be assets not inventory right?
Right!
Dear Bruno could you help me to explain asset move status concept and slandered functionality of Maximo concerning asset status
I don't understand your point.
What is the strange behavior you are experiencing?
Bruno , when we do asset move action on rotating asset , which tables will record this movement e.g. old asset location , new asset location , old asset user/custodian and new asset custodian etc.
ASSETTRANS
Hello Bruno,
As a further exploration of the matter you describe above. What would you recommend in the following situation? A company rents several pieces of rotating equipment that may be used on several projects before being returned to the owner/vendor. Although the company will not be doing any maintenance on the equipment, the items are unique and serialized, so for tracking purposes it would make sense that they become assets.
So far I have tried both Rotating Items and Tools in order to turn these to assets. After receiving these I issued the Assets to a project location and then returned them to the originating storeroom in which they were received. It became clear that after that, I cannot return the assets to the vendor as they were moved.
It seems that the only action possible course of action to reflect the situation correctly is to create a vendor location and move the assets to there and change the status of the assets accordingly.
Do you have any further insights or improvements to this approach?
Frank