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Administrator Guide
Last Updated: 2023-06-23
Steps: Track Assets

Steps: Track Assets

  • Set up asset tracking.
After registering assets, you can track them through their lifecycles. Tracking an asset doesn't affect accounting activity.
In Workday, you can track assets with:
  • Positive, negative, or zero cost.
  • Negative or zero cost from supplier invoices and purchase order receipt lines.
You can't make changes to assets when other events are in progress.
  2. (Optional) Select
    Business Asset
    Copy Asset
     from the related actions menu of an asset.
    To reduce the manual entry required when registering an asset, copy the details of an existing asset.
    Security:
    Process: Business Assets
     domain in the Business Asset Tracking functional area.
  3. Select
    Business Asset
    Edit
     from the related actions menu of an asset.
    Edit the asset by:
    • Adding attachments.
    • Adding or removing components of a discrete composite asset.
    • Relating registered assets from the same company together.
    • Updating the identification information.
    Related assets must be in the same company, and you can't relate disposed assets.
    Security:
    Process: Business Assets
     domain in the Business Asset Tracking functional area.
  4. (Optional) Select
    Business Asset
    Place in Service
     from the related actions menu of a depreciable capital asset.
    Place the asset in service without issuing it to a worker.
    Security:
    Process: Business Assets
     domain in the Business Asset Tracking functional area.
  5. Access the
    Issue Assets
     task.
    Issue assets to workers to make them the custodian of company property.
    For capital assets, Workday generates accounting to move the asset cost and accumulated depreciation when the location or worktags change.
    Configure the
    Asset Issue Event
     business process and security policy in the Business Asset Tracking functional area.
  6. (Optional) Access the
    Transfer Assets
     task.
    Transfer assets within the same company to different workers, locations, or storage. This is a two-step process. On the first page, you define the filter criteria to use to select assets for transfer. On the second page, you select the assets to transfer.
    For capital assets, Workday transfers the cost of the business asset and creates operational transactions with accounting.
    When filtering assets to transfer, the
    Spend Category
     prompt is optional. When you enable
    Spend Category
     worktags in the
    Maintain Related Worktag Usage
     task, the prompt is required.
    Configure the
    Asset Transfer Event
     business process and security policy in the Business Asset Tracking functional area.
  7. (Optional) Select
    Business Asset
    Transfer to Different Company
     from the related actions menu of a registered asset.
    You can transfer assets without suspended depreciation to a different company.
    Both companies must have the same:
    • Base currency.
    • Company asset books.
    • Primary asset book.
    • Asset book fiscal schedules.
    For capital assets, Workday transfers the cost of the business asset and creates operational transactions with accounting for both companies.
    Configure these business processes and security policies in the Business Asset Tracking functional area:
    • Asset Intercompany Transfer In Event
    • Asset Intercompany Transfer Out Event
  8. Select
    Business Asset
    Remove Asset
     from the related actions menu of a registered asset.
    Remove assets that you register by mistake or through a:
    • Canceled receipt or supplier invoice.
    • Receipt or supplier invoice adjustment.
    • Supplier invoice that includes a deleted invoice line with the asset. Cancel the invoice beforehand.
    • Supplier contract that includes a deleted contract receipt line with the asset. You can only remove assets without lifecycle events other than issue or transfer. If lifecycle events have occurred, dispose of the assets.
    You can only remove:
    • Discrete composite assets when you remove all the components.
    • Registered assets if depreciation hasn't occurred.
    Configure the
    Asset Removal Event
     business process and security policy in the Business Asset Accounting and Business Asset Tracking functional areas.
For capitalized assets, your accountant performs asset accounting activities.