Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2026-07-10
Correct or Adjust Useful Life

Correct or Adjust Useful Life

  • Set up asset accounting. See Steps: Set Up Asset Accounting.
  • Complete any asset lifecycle events in progress on the assets that you correct or adjust.
  • Configure the
    Asset Useful Life Update Event
     business process and security policy in the Business Asset Accounting functional area.
You can:
  • Correct the useful life of an asset that you capitalize with an incorrect useful life.
  • Adjust the useful life of an asset when its estimated useful life changes.
  1. From the related actions menu of a registered capital asset, select 1 of these tasks:
    • Business Asset
      Adjust Useful Life
      .
    • Business Asset
      Correct Useful Life
      .
  2. Complete the task:
    Option Description
    Transaction Effective Date
    Displays only when you adjust the useful life.
    When you correct the useful life, the transaction effective date is the acquisition date and you can't change it.
    Depreciation Adjustment Option
    Displays only when you adjust the useful life.
    For depreciable capital assets, the transaction effective date and the depreciation adjustment option determine the first date Workday recalculates depreciation lines for the revised useful life. See Concept: Depreciation Adjustment Options.
    Life End Period
    Proposed
    Enter the correct or adjusted useful life.
    You can propose a new depreciation end date for assets on a supplier contract with a spend category of
    Intangible
    . The depreciation end date is the:
    • End date of a contract when the asset source is a supplier contract line receipt.
    • Last active date in the depreciation schedule when you manually register the asset from a supplier contract.
Workday creates catchup depreciation adjustments for applicable useful life changes when:
  • Ledger periods have processed depreciation.
  • Depreciation expenses should be a different amount.
If the asset is in multiple company asset books, you can restrict the change to one or more company asset books using
Restricted to Books
. When you don't select a company, Workday applies the change to every company asset book.
Workday posts depreciation adjustment transactions to the ledger for the primary company asset book only. It doesn't impact depreciation in nonprimary asset books.