Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2023-06-23
Concept: Strategies for Populating New Company Asset Books on Existing Assets

Concept: Strategies for Populating New Company Asset Books on Existing Assets

When you add a new company asset book, Workday recommends that you migrate your existing assets to the new book. Alternatively, you can add your assets to the new book.

Migrating Assets to a New Asset Book

When you migrate assets to a new asset book, Workday loads the assets in the new book with beginning balances. Workday doesn't copy the historical transactions on the assets, eliminating the need for manual adjustments on historical transactions that don't apply to the new book.
To migrate assets to a new asset book, load your assets with an inbound EIB for the
Update Asset Book Configuration
 web service.
When you need to load a high volume of assets, you can use the asynchronous
Bulk Import Asset Book Configuration
 web service.
With this method, you can specify:
  • The beginning cost balances for the assets in the new book, such as:
    • Original acquisition cost.
    • Residual value.
    • Fair market value.
  • The depreciation information for the assets in the new book, such as:
    • Depreciation start date.
    • Remaining useful life.
    • Accumulated depreciation.
    • Year to date depreciation.
Workday doesn't create accounting for the beginning cost and accumulated depreciation balances. You can create manual journals to load the beginning cost and accumulated depreciation balances to their respective ledger accounts.
Workday applies the worktags and shares from the latest lifecycle event on an asset to the new book.

Adding Assets to a New Asset Book

Workday recommends that you only add assets to the new asset book when:
  • You need to produce reports on the historical transactions on the assets in the new book.
  • The current and the new book are similar, reducing the need for manual adjustments.
To add assets to a new asset book, access the
Add Assets to Company Asset Book
 task.
After you've added your assets to the new book:
  • Identify the accounting differences between the assets in the new book and in the existing book.
  • Create manual adjustments to reconcile differences such as:
    • Cost.
    • Residual value.
    • Accumulated depreciation.
    • Useful life.