Workday Business Assets: Lifecycle Management and Accounting Configuration || Day 15

In this specialized Workday Financials session, we dive deep into the Business Assets Module. The tutorial transitions from a quick curriculum review into the hands-on configuration of asset classes, books, and profiles. You will learn how to manage the end-to-end asset lifecycle—from registration and accounting adjustments to complex scenarios like impairment, disposal, and worker issuance. This video is essential for functional consultants looking to master asset tracking and depreciation within the Workday tenant.

Core Learning Objectives:
Asset Foundation: Creating and maintaining Asset Classes and Types for reporting.

Book Rules: Understanding how to apply different accounting treatments (Tax vs. GAAP) for the same asset.

Depreciation Profiles: Setting up Straight-Line methods, conventions (Mid-month), and service dates.

Lifecycle Tasks: Registering new assets, adjusting acquisition costs, and performing asset transfers.

Advanced Accounting: Managing Asset Impairment (Fair Value adjustments) and Disposals (Scrap, Sale, Theft).

8 Key Timestamps
3:04 – Defining Asset Classes and Types: How to classify assets for spend category management and reporting. The instructor demonstrates the "Maintain Asset Class" task and explains usage counts.

7:50 – Managing Asset Books & Rules: A breakdown of how Workday maintains separate books for Accounting, State Tax, Federal Tax, and IFRS to handle different depreciation schedules.

9:18 – Configuring Asset Book Rules: Setting threshold limits (e.g., $5,000) and default accounting treatments based on the spend category and asset class.

12:50 – Creating Depreciation Profiles: A step-by-step guide to setting up Straight-Line Methods (SLM), defining rate bases (Periods vs. Days), and useful life (e.g., 600 periods/50 years).

15:53 – Understanding Depreciation Conventions: A detailed explanation of how Workday calculates depreciation for partial months using Mid-month, Half-year, or Pro-rata rules.

22:41 – The Register Asset Task (Acquisition): Demonstration of the asset entry process, including assigning names (e.g., "Amaze Heights"), identifiers, manufacturers, and acquisition methods.

32:15 – Adjusting Accounting Information: How to transition an asset from "Expense" to a "Depreciable Capital Asset" and link it to a specific depreciation profile and cost center.

52:50 – Recording Asset Impairment: Understanding the accounting logic of "Impairment Loss"—when to reduce the book value of an asset to match a sudden drop in Fair Market Value.when to reduce the book value of an asset to match a sudden drop in Fair Market Value.

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