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Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up Net Asset Accounting

Steps: Set Up Net Asset Accounting

You can set up net asset accounting to record gains and losses resulting from investment pool unit sales. Workday calculates gains and losses from a difference between the book value and fair market value of gift units. You can also generate revenue accounting for investment pool unit sales and transfers.
If you don't enable net asset accounting, Workday generates accounting based on the book value of gift unit sales and transfers. You would need to create separate manual journal entries to account for the gains and losses.
  1. Access the
    Edit Tenant Setup – Financials
     task.
    Select the
    Enable Net Asset Accounting for Investment Pool Transfer and Sale
     check box.
    You can also select book codes to use for posting the gains, losses, and revenue from investment pool sales, as well as the revenue for transfers. Workday posts these accounting entries to the accounting journals with the specified book codes.
    Security:
    Set Up: Tenant Setup - Financials
     domain in the System functional area.
  2. Access the
    Create Account Posting Rule Set
     task.
    Select the account set that you're using to post investment pool operational transactions. Configure these account posting rules for that set:
    • Investment Pool Gain/Loss
      : Posts gain or loss journal entries from investment pool sales to ledger accounts.
    • Revenue
      : Posts revenue entries from investment pool sales and transfers to revenue ledger accounts.
    Security:
    Set Up: Accounting Rules
     domain in the Common Financial Management functional area.
  3. Access the
    Maintain Worktag Usage
     report.
    Configure worktag types for these transactions:
    • Investment Pool Adjustment
    • Investment Pool Sale
    Workday uses the worktags to post net asset accounting entries using the account posting rules.
    Security:
    Set Up: Enable Worktags
     domain in these functional areas:
    • Common Financial Management
    • Worktags