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Administrator Guide
Last Updated: 2023-06-23
Steps: Perform Lifecycle Events for Capital Assets

Steps: Perform Lifecycle Events for Capital Assets

Configure asset accounting.
Review the lifecycle events applicable to capital assets. These lifecycle events don't apply to expensed assets, which are assets that you capture for tracking purposes only.
  1. You can update these attributes for capital assets with no posted depreciation:
    • Asset accounting treatment
    • Asset cost
    • Depreciation information
    • Custodial information
  2. You can reclassify the spend category of a capital asset. Also change other details such as asset class, asset type, and useful life, for assets with posted depreciation.
  3. You can adjust the acquisition cost after you capture an asset acquisition cost. Add tax, freight, or post-acquisition costs for items such as major repairs.
  4. If you initially configure an asset with an incorrect life, you can correct it. When a change occurs in the estimated useful life of an asset, you can also make adjustments to the useful life.
  5. Book an impairment when the fair market value of an asset falls below the net book value (carrying cost) permanently so that the asset reflects its current worth.
  6. Record depreciation expense for company assets. Specify the end date for processing depreciation.
  7. You can select dates to suspend and resume depreciation for assets.
  8. Transfer assets from 1 company to another.
    When you transfer assets between companies that include the
    Review Asset Intercompany Accounting
     action step on the
    Asset Intercompany Transfer In Event
     business process of the transfer-to company. In this instance, Workday creates an Inbox item for the asset accountant. The asset accountant can review the accounting attributes for the new asset as part of the transfer transaction. Otherwise, Workday transfers the asset with the same attributes it had in the transfer-from company.
  9. Dispose of assets with lifecycle events for your company or company hierarchy.
    The
    Asset Disposal Event
     business process includes the
    Complete Business Asset Accounting
     step as a required step.
    Workday sends a task to the Inbox of the asset accountant:
    • When you dispose a capital asset.
    • When there are proceeds from a sale or a donation for an expensed asset.
    The asset accountant can complete the accounting information for the disposal, such as putting worktags on the gain or loss.
  10. You can find and dispose of intangible assets that have no residual value and are beyond their useful life as soon as they expire. If capital assets are no longer in service, you can partially dispose of assets by cost.
  • You can identify and fix a journal error using the
    Fix Operational Journal With Errors
     task.
  • You can use the
    Get Asset
     web service to create an outbound EIB and send asset data to an external tax depreciation service.