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Administrator Guide
Last Updated: 2023-06-23
Reconcile Asset Activity and Ledger Accounts

Reconcile Asset Activity and Ledger Accounts

  • Concept: Asset to Ledger Reconciliation.
  • Security:
    Report Execution
     domain in the Tenant Non-Configurable functional area.
You can reconcile your asset activity and the accounting posted to your ledger accounts over a time period.
  1. Access the
    Asset to Ledger Reconciliation – Accumulated Depreciation
     report.
  2. As you select your report parameters, consider:
    Option Description
    Company
    You can select either:
    • A company.
    • A company hierarchy with consolidation details.
    • A company hierarchy where all the companies have matching account sets and either matching fiscal schedules or matching alternate fiscal schedules.
    Period
     and
    Time Period
    These options work together to enable you to select the time period that you reconcile:
    • Select a fiscal period as a reference.
    • Select a time period from the reference period.
    Examples:
    • You reconcile your asset activity over the entire year of 2022. You select:
      • The
        2022 - Jan
         option from the
        Period
         prompt.
      • The
        Current Year
         option from the
        Time Period
         prompt.
    • You reconcile your asset activity over the period of January 2022. You select:
      • The
        2022 - Jan
         option from the
        Period
         prompt.
      • The
        Current Period
         option from the
        Time Period
         prompt.
    Report Date Option
    You can select different report date options to locate variances caused by timing differences.
  3. (Optional) Save your report parameters under a
    Filter Name
    .
  4. Review the nonzero values in the
    Variance
     column.
    A nonzero variance indicates that there’s a difference over the selected time period between the:
    • Depreciation transactions that you record on your assets.
    • Journals that you or Workday post to the asset depreciation ledger accounts.
  5. To locate the cause of nonzero variance and fix when required, review the values in the other columns.
    Drill down on these values to view the details of the transactions in each category for the selected:
    • Ledger account.
    • Spend category.
    • Journal Source.
    • Time period.
    Option Description
    Depreciation Expense Line Detail (A)
    The transactions on assets for which Workday creates depreciation expense lines.
    Examples:
    • Post-acquisition cost adjustments.
    • Changes to the useful life of the asset.
    • Depreciation that you record on the asset.
    Accumulated Depreciation Detail (B)
    The transactions that change the accumulated depreciation amount on an asset.
    Example: You partially dispose of an asset on which you've recorded depreciation.
    Total Ledger Depreciation Activity
    The journals that you or Workday post to the asset depreciation ledger accounts.
    Example: Workday creates a journal when you record depreciation on an asset.
  6. Access the
    Asset to Ledger Reconciliation – Cost
     report.
  7. Review the values in the
    Total Variance
     column.
    A nonzero variance indicates that there’s a difference over the selected time period between the:
    • Cost activity that you record on your assets, with or without journals.
    • Journals that you or Workday post to the asset ledger accounts, with or without cost activity on the asset.
  8. To locate the cause of nonzero variance and fix when required, review the values in the other columns.
    Drill down on these values to view the details of the transactions in each category for the selected:
    • Ledger account.
    • Spend category.
    • Time period.
    Option Description
    Asset Cost Detail with Journals (A)
    The asset cost transactions for which Workday creates journals.
    Example: Assets that Workday creates from supplier invoices, and that you've registered.
    Asset Cost Detail without Journals (B)
    The asset cost transactions for which Workday doesn't create journals.
    Example: Assets that you register manually.
    These transactions are more likely to require reconciliation.
    Ledger Detail with Asset Transactions (C)
    The journals that Workday creates from asset cost transactions.
    Example: Journals that Workday creates from supplier invoices.
    Ledger Detail without Asset Transactions (D)
    The manual journals that you create on the asset ledger accounts.
    These journals are more likely to require reconciliation.
You run the
Asset to Ledger Reconciliation - Cost
 report. For the ledger account
1550:Furniture, Fixtures & Equipment
 and the spend category
Hardware - Servers
, you find:
  • A total variance of 3,500 USD.
  • A value of 3,500 USD in the
    Asset Cost Detail without Journals (B)
     column.
When you drill down on the value in the
Asset Cost Detail without Journals (B)
 column, you find that you manually registered an asset. After investigation, you find that you didn't create a manual journal when you registered the asset. You create the manual journal to reconcile your asset and ledger accounts.