Concept: Composite Assets
You can group disparate, related assets into a composite asset. Each of the assets in the
composite becomes a component asset.
You can register 2 types of composite assets:
- Discrete composite assets contain asset components that maintain their own costs, depreciation, and lifecycle events. Workday tracks separate lifecycle events for these assets.
- Nondiscrete composite assets contain asset components that maintain the same costs, depreciation, and lifecycle events. Workday tracks the same lifecycle event for these assets. Also, each asset that is part of a nondiscrete composite asset exists in reference only.
Example: You might want to use a camera, lens, and tripod together. You can register all
3 assets as 1 composite asset. Workday populates the acquisition method of composite
assets with
Composed
.Composite assets can include assets that you register individually and partial quantities
from pooled assets.
Example: You might want to pool, register, and track 5 laptops as a single pooled asset.
You can create a composite asset using 3 of the laptops from the pooled asset. Then you
can add 2 monitors, 2 docking stations, 1 mouse, and 1 keyboard as components of the
composite asset. You can continue to pool and track the remaining 2 laptops as a single
asset.
Discrete and nondiscrete assets might have any of these attributes:
Attributes | Discrete Composite Assets | Nondiscrete Composite Assets |
|---|---|---|
Accounting Treatment | Nondepreciable capital. | Expense, depreciable, or nondepreciable capital. |
Spend Category and Items | Trackable and tangible. | Trackable and tangible. |
Derived asset cost | Zero. | Sum of the allocation costs for all assets. |
Assets must meet these criteria before you can group them in composite assets:
Component Asset Criteria | Discrete Composite Assets | Nondiscrete Composite Assets |
|---|---|---|
Accounting information | Not required to have accounting assigned. | You've assigned accounting to the asset. |
Accounting treatment | Depreciable, nondepreciable, or expense. | Depreciable or nondepreciable. |
Quantity available before registration | The composite asset consumes the entire available quantity. | Doesn’t have to equal the available quantity. |
Residual value | Can have a residual value. | Can't have a residual value. |
Status | Any status except Removed , Disposed , Pending
Registration , or Used by Composite . | Must be in Registered status. |
Total cost after composite asset registration | Workday doesn't update the cost of the component asset. | Workday updates the cost of the component asset based on how much you
allocate to the composite asset. |
Additionally, these assets:
- Must be tangible.
- Can't be composite assets.
- Must be trackable.
- Can't be leased assets.
- Can't already be in use in a composite asset.
- Can't have an event in progress.
- Must have the same asset books as the composite asset.
- Must have a company that matches the company of the asset you're registering or composing.
- Can't be used to capitalize a project transaction.