Adding a new functional account

About this task

Note: Adding a new functional account is not an end user activity. Setting up a new functional account requires Maximo® Real Estate and Facilities Services Engagement. Before adding Functional Account, fields need to be created under module triFinancial > triLeaseSummaryBalance business object. Fields should be added to form the Contract Summary Balance form, General tab. Also a new section under System tab needs to be added, to show as dynamic list values for functional account.

Procedure

  1. Log in as a Maximo Real Estate and Facilities administrator and go to Reports > System Reports > Find. Run a report triFunctionalAccount - Display - Manager Query for Functional Accounts.
  2. Click Add. Enter the ID and Name.
  3. Select a value for the Calculation Source field. If the value is set to Journal Entry, the value of the functional account will be taken from journal entry, otherwise, it will be taken from the lease.
  4. Select a value for Account Type, Balance Sheet Account or P&L Account.
  5. Select a value for Accounting Type, as either Accounts Payable (AP) or Accounts Receivable (AR) for the specific type of functional accounts. If it is common for both Accounts Payable (AP) and Accounts Receivable (AR), then keep it blank.
  6. Select a value for Functional Account Name, this will be main function account name, example Accrued Interest. It will populate the Functional Account Label and Functional Account Field fields.
  7. Update the Functional Account Label value according to business requirement for Accounts Payable (AP) and Accounts Receivable (AR) type of functional accounts. This will ensure both the Functional Account Label and Functional Account Name fields are now used in the publish name.
  8. Select values for all the fields, such as Contract Summary Balance Target Field, Contract Summary Balance Event Field, and so on. These fields will be calculated up to the main function account field, you can see an example from the provided functional accounts.
  9. Click Create Draft.