ValuD: What are the best practices for TRIRIGA application upgrade?

Part 1: Introduction

With 150+ IBM TRIRIGA completed projects across the globe, ValuD has the largest and most experienced team focused exclusively on IBM TRIRIGA. ValuD offers a variety of delivery models to meet our clients’ needs to ensure customer success whether for a new implementation or an upgrade. In the first of a four-part series, we share our best practices for TRIRIGA application upgrades…

Part 2: Lease Accounting

In our earlier post, we shared best practices followed by ValuD during IBM TRIRIGA upgrades. In this post, we highlight the best practices for IBM TRIRIGA 10.5.3 upgrades especially related to FASB/IASB lease accounting standards…

Part 3: Modifications & Metadata

Our earlier posts focused on IBM TRIRIGA application upgrade steps adopted by ValuD. In this post, we share best practices following the actual upgrade process…

Part 4: Record Data

In our last and final post on this series, we talk about record data tips and IBM TRIRIGA application upgrade delivery best practices that ValuD recommends…

[Admin: This post is related to the 08.07.17 post and 09.24.15 post about the best practices for configuring and upgrading TRIRIGA applications. To see other related posts, use the Best Practices tag or Object Label tag.]

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How do you equip your TRIRIGA chariot with fierce stallions?

There’s an old metaphor originating from Plato that compares the soul to that of a chariot with a pair of winged horses. Chariots of the gods were equipped with two good horses, while us mere mortals were given one good horse and one bad, unruly horse, depicting the conflicts of the soul. Due to this imbalance, we would always face hardships. But those of us who could put that unruliness to use could potentially rise high enough to hang with the gods.

What does this have to do with IBM TRIRIGA and hanging out at TRIMAX this week? Not a whole lot, I just like to throw out fascinating metaphors. However, if you’re looking to power up your facilities “chariot” with the fiercest of good stallions, and corral the unruliness of unused data,  you may want to read on.

The five fierce stallions of 2017

When it comes to fierce stallions, why have 2 when you can have 5? And when you’re talking about investments around TRIRIGA, the more the merrier.  Here are the top 5 stallions driving the chariot of your facilities management efforts this year:

• 1. New lease accounting standards drive compliance domination…
• 2. Analytics help you understand the performance of your chariot…
• 3. Cloud isn’t just for mythical gods…
• 4. Mobility enables the business to soar from anywhere…
• 5. User experience (UX) drives Herculean engagement…

[Admin: What does TRIRIGA mean? A tririga (trī-ˈrē-gə) is a team of three horses yoked three abreast, commonly associated with the use of chariots during the Roman Empire. To see other related posts, use the TRIMAX tag.]

ValuD: What is TRIMAX and why should you attend?

Conferences and trade shows provide a great way to learn and discover industry trends in a short period of time. Please consider attending TRIMAX this year…

What is TRIMAX?

TRIMAX is an annual conference which provides a forum for participants to share knowledge and learn from other TRIRIGA and Maximo clients, business partners and IBM leaders. If you are a RE/FM/EAM business, then TRIMAX is the event for you. This year’s event is being held at Arlington, VA on November 29th and 30th with an optional training day on December 1st. More than 600 participants are expected to attend the various presentations and sessions.

Why attend TRIMAX?

IBM TRIRIGA and IBM Maximo are leaders in asset management and IWMS application software and TRIMAX is the only user group with a combined focus for both. Naturally, such a focused user group can give you insights on product updates, solution road maps, and industry best practices…

ValuD and TRIMAX

With the largest and most experienced group of TRIRIGA consultants in the world, ValuD has been an active participant of TRIMAX since its inception. This year, our sessions will showcase MobilD, our mobility solution built exclusively for TRIRIGA…

• “TRIRIGA Mobility Solution (MobilD) Tailored to Drive Work Efficiency – A User Perspective” | Speaker: Kiel Schmitz, ValuD | Wednesday, Nov. 29, 2017, 1:10 PM – 2:00 PM
• “New Capabilities of TRIRIGA FASB/IASB & Advanced Lease Accounting” | Speaker: Kirk Howcroft, ValuD | Friday, Dec. 1, 2017, 8AM – 3PM

[Admin: This post is related to the 07.18.17 post about ValuD at TRIMAX 2017, the 07.28.16 post about mobilizing IBM TRIRIGA, and the 11.15.17 post by IBM IoT about TRIMAX. To see other related posts, use the ValuD tag or MobilD tag.]

Tango: Tailored Brands selects Strategic Store Lifecycle solution

Tailored Brands, Inc., a recognized leader in men’s tailored apparel operating over 1,400 locations in the U.S. and Canada, has selected Tango’s Strategic Store Lifecycle Management Solution to facilitate all aspects of their real estate strategy and store development activities needed to support growth of the company’s iconic brands, including Men’s Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G. Tailored Brands has licensed Tango’s Market Planning & Site Selection, Program & Project Management, Lease Administration and Facilities Maintenance products…

An important consideration for Tailored Brands was ensuring compliance with the new lease standards put forth by FASB. Tango’s lease accounting software is unique in the marketplace, in that unlike other solutions that will require retrofitting to ensure compliance, Tango’s lease accounting functionality was developed with compliance as part of the foundation…

[Admin: To see other related posts, use the Tango tag.]

What are some better practices for lease accounting payments?

I have come across numerous TRIRIGA clients who run their monthly lease accounting payment schedules as one single synchronous task in TRIRIGA. Often, this slows down the response times and overall environment performance considerably. Here are some simple steps to consider as recommended better/best practices for your lease accounting payment schedule run as follows:

• 1. Break up processing payments into batches that fit well with your business organizations or perhaps geographical regions.
• 2. Each of these batches can be filtered when selecting the leases to process payments for and/or before Get Payments.

Note: This will limit the number of records to process, and the load that is put on the system, and possibly, make it easier to validate payments…

[Admin: To see other related posts, use the Accounting tag or Payments tag.]

ValuD: Six major enhancements for lease accounting in TRIRIGA 10.5.3

Let’s review the six major enhancements for advanced lease accounting…

• 1. Period end close capabilities. TRIRIGA 10.5.3 delivers “Advanced Lease Accounting Period Close” which ensures that no additional journal entries can be posted for that closed period…
• 2. Enhanced segregation of duties. With IBM TRIRIGA 10.5.3, the roles and responsibilities of Lease Accountant and Lease Administrator have been clearly delineated…
• 3. Streamlined modification processing. A revised process for recording lease modifications has been introduced in this version which supports FASB/IFRS compliance and creates a single process flow for all modifications…
• 4. Disclosure requirements templates (quantitative metrics). IBM TRIRIGA 10.5.3 comes pre-loaded with a variety of OOB report templates which support FASB/IASB lease accounting compliance…
• 5. Journal Entry Configuration Framework. With capabilities to generate Journal Entries for ASC 840 and ASC 842 under US-GAAP, as well as for IAS 17 and IFRS 16, IBM TRIRIGA 10.5.3 practically transforms the Real Estate Manager module into a sub-ledger system for Real Estate and Asset Lease Accounting…
• 6. Simplified ERP Integration (Data Transfer Object). IBM TRIRIGA 10.5.3 simplifies the process of transferring the lease accounting data into your ERP system by creating a Data Transfer Object (DTO) file that loads into the ERP General Ledger…

[Admin: To see other related posts, use the ValuD tag.]

Where are the latest lease accounting videos?

This wiki lists our lease accounting videos. The IBM TRIRIGA Lease Accounting team presents the key features and enhancements of our lease accounting tools from 10.5.0 through 10.5.3.1, including partial payments, FASB/IASB setup, ASC 840/842, GAAP/IFRS leases, and index adjustments.

[Admin: This post is related to the 02.22.16 post and 09.29.14 post about finding information on TRIRIGA lease accounting. To see other related posts, use the Leases tag or Accounting tag.]