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Administrator Guide
Last Updated: 2023-06-23
Reclassify Assets

Reclassify Assets

  • Register the asset.
  • Assign accounting information to the asset.
  • Post depreciation for the asset.
  • Configure the
    Asset Reclassification Event
     business process and security policy in the Business Asset Accounting functional area.
You can reclassify the spend category for capital assets if it isn't:
  • Fully disposed.
  • An impaired asset.
You can't make changes to assets when other events are in progress.
  1. Select
    Business Asset
    Reclassify
     from the related actions menu of a business asset.
  2. As you complete the task, consider:
    Option Description
    Transaction Effective Date
    The date the reclassification occurs. Enter a date that's:
    • Within a ledger period.
    • Before the current date.
    • After the
      Last Transaction Date
      .
    Item
    Spend Category
    If the asset is an item, first change the item for the asset. The selected item automatically populates the spend category. You can select any spend category if the
    Item
     field is empty.
    You can change the
    Item
    ,
    Asset Class
    , and
    Asset Type
     without changing the spend category.
    Use worktags as keywords to more easily classify and find transactions. Configure the allowed worktag types on the
    Maintain Worktag Usage
     task. When you select a worktag type that has related worktags, Workday automatically populates transactions with the related worktag values.
    Asset Class
    The spend category configuration automatically populates the asset class when you change the spend category. You can override this value, but the value you select on the
    Maintain Asset Shares
     task will override any value entered here.
    Asset Type
    The spend category configuration automatically populates the asset type when you change the spend category. You can override this value, but the value you select on the
    Maintain Asset Shares
     task will override any value entered here.
    Useful Life
    Specify a
    Proposed Useful Life
     for the asset. You can specify a different useful life for each asset book. Workday automatically populates the value from the asset book rules based on the spend category in the primary and secondary accounting books. You can't change the useful life of fully depreciated assets in a book.
    Shares
    Displays the number of times you share the asset costs. Click the number to drill down and view line detail about the shared cost.
Workday debits the new spend category and credits the old spend category in the primary accounting book. If the depreciation for an asset has posted, Workday reverses the depreciation from the old category and posts the depreciation to the new category.
In the new spend category, Workday calculates depreciation from the depreciation start date of the reclassify event. Workday derives the depreciation start date from the transaction effective date and the depreciation convention. If you modified the useful life, Workday recalculates the depreciation based on the new value.