After revising and reissuing a standard contract, the cost amount becomes cumulative against the budget.
As a temporary fix, do not revise the contract. Instead, post a change order to the contract. We needed to set the reverse transaction to “true” for 3 workflows. Moving forward, for capital projects, the standard contract will no longer double-post values after revising.
[Admin: To see other related posts, use the Costs tag or Change Orders tag.]
The report query “triCapitalProjectFact – GUI Metric – Current Program Filter – Project Schedule Variance” fails when the drop-down menu selection for “Change Order to Budget” is made. A MID error is displayed and the only way to make it work is to click “Restore Defaults”.
The metric report “triCapitalProjectFact – GUI Metric – Current Program Filter – Change Order to Budget” had a bad “Group By” sequence. We needed to save the “Group By” order.
The use of the IN clause is grossly inefficient and it is used, not once, but twice. At first, it was causing full table scans. The index creates helped, but that is a band-aid. The query should be rewritten since all tables can easily be joined on the transaction_id column.
Indexes have been added, and budget data access is now sent through SQL logging, so that the times can be found in debug performance logging. Moving forward, we resolved a performance issue with financial rollups and budget transactions. The SQL is as efficient as it can be. The use of joins did not result in a query plan that was any better.
All new guidelines come with their fair share of challenges and the FASB leasing standard is no exception – not to mention the associated costs in implementing such mandatory measures. Provisioning for such statutes becomes a prerequisite in such cases and the responsibility is on the organization to come up with additional sources of funds that will be needed to finance these mandatory requirements…
While the new leasing standard ensures greater transparency for all stakeholders, FASB has made sure that the transition to the new update is relatively less complicated by letting companies use their existing business processes and systems. This is so because the treatment of operating leases in the Income Statement and Cash Flow Statement remain unchanged, which is similar to existing GAAP methodology…
One significant financial challenge you might have to face as an organization is the costs of additional personnel to evaluate your lease portfolio. The new leasing standard requires a wide range of information such as lease commencement date, useful life, fair market value, borrowing rate, renewal/purchase options, any space changes during the lease term, landlord allowances, initial costs and impairment charges, if any and so on…
What can be done?
More often than not, updating the IT infrastructure of the organization can be a better solution for most of the challenges posed by such mandatory requirements. An Integrated Workplace Management System (IWMS) software like IBM TRIRIGA can help resolve most of the issues relating to FASB implementation and what’s more, also result in cost savings in the long run…
[Admin: This post is related to the 06.17.16 post about FASB readiness, and the 04.21.16 post about what FASB is.]
In TRIRIGA 126.96.36.199, the Data Modeler does not allow us to set a budget token. The popup for budget tokens opens, but the Update and Insert action buttons never activate, and occasionally the form freezes with a long running script error.
Steps to replicate:
- 1) Open Data Modeler.
- 2) Navigate to triInventory::triInventoryItem.
- 3) Revise BO.
- 4) Open any field that is a Financial Rollup.
We have verified this behavior in IE and Chrome.
Cost codes in a flat structure caused a large amount of data to be transmitted. We have improved the performance of the Budget Token panel when inserting or updating the Financial Rollup type of parameter in the TRIRIGA Data Modeler. This way, the Budget Token panel will not freeze when loading huge amounts of data.