Question & Answer
Question
Is there a functionality difference, or a reason to use Tools and Stocked Tools instead of Item Master, Inventory, and Assets?
Cause
There are advantages of using the Tools and Stocked Tools applications rather than treating tools as inventory items or assets. One benefit to using tools in the manner described here (as opposed to using tools as regular rotating assets) is that an hourly rate can be applied to a tool record. In the scenario of when a tool service/vendor is in place, the separation of tools from the rest of the rotating asset inventory makes it easier to manage, audit, and report upon.
Answer
Fundamental Tasks To Use the Tools and Stocked Tools Modules
If you're familiar with how rotating items and assets works in Maximo, then you can apply these concepts to Maximo Tools and Stocked Tools...
Similar to rotating assets, you can assign a tool with a serial number to a Person/Labor or Work Order as long as you use the Tools and Stocked Tools application. Just like the Maximo item and asset functions that you are likely using, you can easily create and work with Tool records in the summarized tasks below.
-Create a rotating(serialized) tool (to issue to a Labor or Work Order):
1. Go To Inventory | Tools | insert new record
2. Enter a Commodity Group and/or other applicable fields; check the
Rotating checkbox
3. Add to Storeroom, change Status to Active
4. Create PR/PO to order tool (see below)
-Order or Reorder a tool:
1. Create PO and use Line Type of Tool, then in the Item field, select the Tool;
2. Specify the Storeroom
3. Approve the PO
4. Use the Receiving application as for any other rotating items (Receive Rotating Items/ assign Asset/serial numbers)
-This will update the balance in the Tools and Stocked Tools module similar to Item Master and Inventory
-Issue a Tool:
1. In the Stocked Tools application, Select Action / Issue Current Tool,
and indicate the asset/serial number, WO, Issue To person, etc.
These basic functions now open the doors to tracking costs more specifically. For instance, you can now enter the Tool usage (Actuals) on Work Orders, which can help analyze and report on the maintenance costs of an Asset or your facility maintenance overall. The cost and reporting aspects of tools is gained through the assignment of an hourly rate for the tool once the tool record is created...
-Set the Hourly Rate for a Tool:
1. Go To Inventory | Tools
2. Open the tool record
3. Select Action | Tool/Organization Details
4. In the Tool Rate field enter an hourly cost for this tool's usage
Additionally, GL Accounts, a Tax Code, and a Receipt Tolerance percentage can be set. Receipt Tolerance is a way to prevent, or flag the receipt of the tool if the received cost is higher than the indicated percentage of what was approved on the PO. This means that you can get flagged if the vendor is trying to charge you too much.
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Document Information
Modified date:
17 June 2018
UID
swg21672597