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Administrator Guide
Last Updated: 2023-06-23
Steps: Correct or Adjust Useful Life

Steps: Correct or Adjust Useful Life

Configure the
Asset Useful Life Update Event
 business process and security policy in the Business Asset Accounting functional area.
You can correct the useful life of an asset if:
  • You capitalize an asset with incorrect life.
  • There's a change in its estimated useful life.
You can't make changes to assets when other events are in progress.
  1. Select
    Business Asset
    Correct Useful Life
     from the related actions menu of a registered capital asset.
    Enter the correct useful life. The transaction effective date is the acquisition date and you can't change it.
  2. (Optional) Select
    Business Asset
    Adjust Useful Life
     from the related actions menu of a registered capital asset.
    Change the default transaction effective date. For depreciable assets, this date and the depreciation convention of the asset determines the first date Workday recalculates depreciation lines for the revised useful life.
    You can propose a new depreciation end date for assets on a supplier contract with a spend category of
    Intangible
    . The depreciation end date is the:
    • End date of a contract when the asset source is a supplier contract line receipt.
    • Last active date in the depreciation schedule when you manually register the asset from a supplier contract.
Workday creates catchup depreciation adjustments for applicable useful life changes when:
  • Ledger periods have processed depreciation.
  • Depreciation expenses should be a different amount.
If the asset is in multiple company asset books, you can restrict the change to one or more company asset books using
Restricted to Books
. When you don't select a company, Workday applies the change to every company asset book.
Workday posts depreciation adjustment transactions to the ledger for the primary company asset book only. It doesn't impact depreciation in nonprimary asset books.