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Administrator Guide
Last Updated: 2025-10-03
Steps: Set Up Multibook Asset Accounting

Steps: Set Up Multibook Asset Accounting

Multibook asset accounting helps you to comply with multiple accounting and tax frameworks by enabling you to:
  • Track and account for assets in more than 1 accounting asset book.
  • Depreciate assets differently in each accounting asset book.
Example: You configure multibook asset accounting with 2 accounting asset books to meet the:
  • International Financial Reporting Standards (IFRS).
  • U.S. Governmental Accounting Standards Board (GASB).
When you enable multibook asset accounting, you need to assign a unique book code to each accounting book. Workday uses book codes to track financial transactions posted for lifecycle events on assets. You can combine book codes to create reporting books based on your accounting needs. See Concept: Book Codes and Books.
You can't disable multibook asset accounting after you enable it.
  1. Access the
    Edit Tenant Setup - Financials
     task.
    In the
    Business Assets Options
     section, select the
    Enable Multibook Asset Accounting
     check box.
    Security:
    Set Up: Tenant Setup - Financials
     domain in the System functional area.
  2. (Optional) When you switch from nonmultibook asset accounting to multibook asset accounting, create manual journals to move opening balances on asset ledger accounts from the common book code to adjustment book codes.
  3. Create a multibook settlement ledger account to credit or debit for multibook asset transactions.
  4. Configure the Business Asset Multibook Settlement account posting rule.
    To post transactions to the Common book when you enable multibook asset accounting, Workday uses the Business Asset Multibook Settlement account posting rule instead of the Spend account posting rule.
    You can configure a default ledger account to prevent journals with blank ledger accounts.
  5. Access the
    View Company Asset Books
     report.
    When you have an existing accounting book, click
    Update Asset Books
     to assign a book code to it.
    Security:
    Process: Business Asset Accounting
     domain in the Business Asset Accounting functional area.
  6. Create accounting asset books and add them to your company.
    Assign a book code to each accounting asset book, including the primary book.
  7. (Optional) To add assets that you already track in Workday to new asset books, take 1 of these actions:
    • To migrate existing assets to new asset books with beginning balances, create an inbound EIB based on 1 of these web service operations:
      • Bulk Import Asset Book Configuration
      • Update Asset Book Configuration
      Enter
      Yes
       in the
      Add Only
       column of the EIB spreadsheet.
      Security:
      Process: Non-Accounting Asset Books
       domain in the Business Asset Accounting functional area.
    • Add Assets to Company Asset Books.
      Copy existing assets and their historical transactions to the new asset books.
      You can't use the
      Add Assets to Company Asset Book
       task to load assets in alternate ledger currency asset books.
When you switch from nonmultibook asset accounting to multibook asset accounting:
  • Run standard reports on business assets before and after the switch to identify and address differences. Access the
    Workday Standard Reports
     report and select
    Business Assets
     and
    Set Up Business Assets
     from the
    Report Categories
     prompt to view details on standard reports for assets.
  • Verify that your custom reports accurately reflect your financial data. To ensure that custom reports take into account book codes that you populate on asset accounting books, review these elements and update as necessary:
    • Calculated fields.
    • Report data sources.
    • Report data source filters.