Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up Asset Books for a Company

Steps: Set Up Asset Books for a Company

You can set up asset books to assign accounting treatment and depreciation profiles when registering capital assets. There are 2 types of asset books that you can set up:
  • Accounting books for journals and reporting, such as the International Financial Reporting Standards (IFRS) or U.S. Governmental Accounting Standards Board (GASB).
  • Nonaccounting books for reporting purposes, such as federal tax, state tax, alternative minimum tax (AMT), or adjusted current earnings (ACE).
  3. Access the
    Maintain Asset Books
     task.
    Create asset books with descriptions for your organization. If you're setting up asset books for the first time, create an accounting book to use as the primary book.
    Security:
    Set Up: Business Asset Accounting
     domain in the Business Asset Accounting functional area.
  5. Access the
    Add Company Asset Book
     task.
    Add the asset books to your company. Workday automatically populates the
    Fiscal Schedule
     with
    Standard Corporate Schedule
     for the primary book.
    Security:
    Set Up: Company Asset Books
     domain in the Business Asset Accounting functional area.
  7. (Optional) Access the
    View Company Asset Books
     task.
    To edit your asset books, click
    Update Asset Books
    .
    Security:
    Process: Business Asset Accounting
     domain in the Business Asset Accounting functional area.
After you register capital assets and assign accounting information, Workday adds them to each asset book. Workday populates the accounting treatment and depreciation profile from the asset book rules you set up.
If the accounting treatment applied is
Depreciable Capital Asset
, Workday generates the depreciation schedule when the asset is placed in service.