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Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up Asset Accounting

Steps: Set Up Asset Accounting

Set up asset tracking.
To configure asset accounting, use these high-level steps.
  1. Configure these business processes and security policies in the Business Asset Accounting functional area:
    • Asset Assign Accounting Event
    • Asset Cost Adjustment Event
    • Asset Impairment Event
    • Asset Reclassification Event
    • Asset Registration Event
    • Asset Useful Life Update Event
    See:
  2. Configure the
    Asset Disposal Event
     business process and security policy in the Business Asset Tracking functional area.
  3. Configure these account posting rules:
    • Accumulated Depreciation
    • Business Asset Disposal Donation
    • Business Asset Disposal Gain
    • Business Asset Disposal Loss
    • Business Asset Disposal Sale
    • Depreciation Expense
    • Impairment
    • Spend
  4. Create a primary accounting asset book and add it to your company. You can add additional nonaccounting asset books for reporting purposes.
  5. (Optional) Add additional accounting asset books to report on different accounting standards.
  6. Create bonus depreciation rules for capital assets in each nonaccounting asset book. Workday applies the bonus depreciation when you place assets in service.
  7. Specify when Workday creates a single asset for quantities greater than 1.
  8. Add any existing capital assets to a new company asset book.
Perform asset lifecycle events that impact accounting, such as:
  • Assigning accounting information.
  • Cost adjustments.
  • Depreciation.
  • Disposals.
  • Impairments.
  • Reclassifications.
  • Useful life adjustments.