72 Certification Study Guide Series: IBM Maximo Asset Management V7.1 4.3.7 Condition Codes The Condition Codes application is used to build the master list of condition codes for a particular item set. A condition code enables you to specify that an item record has a different value depending on the physical condition of an item. For example, an item that has been damaged, worn, used, or rebuilt would not have the same value as a new item. A condition code has a rate associated with it, which can be used to calculate the value of non- new inventory items. For example, you might create two conditions for an item: New, which is the value of the item at 100% Used, which is the value of the item at 50% of the full value To access the application, select Go To . Inventory . Condition Codes. 4.3.8 Storerooms The Storerooms application is used to add and maintain information about storeroom locations, view items that are stocked in a storeroom, and define the GL account codes to be associated with a storeroom. A storeroom is a location that contains inventory items. Storerooms have general ledger account codes associated with them to help track inventory costs. To access the application, select Go To . Inventory . Storerooms. Storerooms tabs The Storerooms application has the following tabs: List Use this tab to search for storerooms records. Storeroom Use this tab to create, modify, and delete storeroom locations, define the general ledger account ( GL Account) codes to be associated with the Note: Condition Codes are defined at the item set level. Item sets exist below the System level, but above the Organization level so that Organizations can share data. Note: Storerooms are defined at the site level.
Chapter 4. Inventory 73 storeroom, define the lead time calculation for items in a storeroom, and optionally flag the storeroom to function as an internal supplier to other storerooms. When you create a new storeroom, specify information for the following account data fields: – GL Control Account field is the default GL account applied to items in this storeroom. It tracks cost on every inventory transaction made with the storeroom. – Cost Adjustment Account field is the account that tracks changes in either the average price or the standard price from manual inventory price adjustments. – Receipt Variance Account field is the debit account to track the differences between the inventory standard cost and the receipt cost ( specific to the storeroom) for any items in the associated storeroom location. – Purchase Variance Account field is the account used to track fluctuations in purchase costs for items ( or the variance between PO and original Last and Standard price). – Shrinkage Account field is the credit account used when manually adjusting the inventory quantity. – Invoice Variance Account field is the debit account used to track variances in the price, expressed in the vendor's currency, between receipt and invoice for this storeroom. – Currency Variance Account field is the account containing the differences between the PO price and the invoice price that result from changes in the exchange rate. – Tool Control Account is the default debit account for capitalized tools. – Use in PO/ PR? field specifies whether this storeroom can be used to supply and reserve inventory items and tools for use with internal purchase requisitions and internal purchase orders. If the check box is selected, you may order and reserve items or tools from this storeroom on internal POs and PRs. If the check box is cleared ( the default), this storeroom cannot be used to supply items or tools internally. Items Use this tab to view a read- only list of items associated with a specific storeroom. To view items from the Storerooms application, you must first either add the items to a storeroom using the Item Master application or they must be received, transferred, or returned to a storeroom.