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Administrator Guide
Last Updated: 2023-06-23
Add or Edit Project Assets

Add or Edit Project Assets

Project assets are buckets, specific to each capital project, that capture separate, ongoing costs of a capital project that's in progress. You can associate multiple project assets with a project to track cost over the life of a project. When you tag all costs from transactions to the capital project, you can convert project assets to business assets to realize cost and start depreciation. Each asset typically has a different depreciation schedule.
Example: Your company is building a new restaurant. You want to track ongoing costs for the land, building, labor, and kitchen equipment independently. You use a different project asset for each part of the project until you tag all cost transactions.
Workday doesn't support asset pooling for project assets, or for business assets you create when you capitalize project transactions.
  1. Access the
    View Project
     report.
  2. On the
    Financials
    Capitalization
     tab, select
    Add Project Assets
     or
    Edit Project Assets
    .
  3. As you complete the task, consider:
    Option Description
    Project Asset Spend Category
    Select from the categories defined to track items or the hierarchies that contain at least 1 trackable spend category. If you don't see the value that you want, use the
    Maintain Spend Categories
     task and select
    Track Items
    .
    When you capitalize the project asset, Workday uses this spend category for the resulting business asset. The spend category drives the depreciation profile and schedule.
    Project Asset Quantity
    Enter the quantity for multiple assets of the same type. You can adjust this quantity later, so long as you haven't capitalized the project assets.
    Uncapitalized Cost
    The total cost of all transactions associated with the project asset before its capitalization. After you capitalize the project asset, uncapitalized costs are the cost of transactions that come in late for the project asset. When you recapitalize the project asset, these late costs become a cost adjustment to the corresponding business asset.
    Capitalized Cost
    The transaction costs that you’ve already capitalized for the project asset.
    Project Asset Cost
    The total cost of the project asset. Equals the sum of the uncapitalized and capitalized costs.
    Capitalization Date
    The initial date when you capitalized the project asset to create the business asset.
    Asset ID, Acquisition Date, Business Asset Status
    Information about the business asset that results from capitalization of the project asset.
Workday updates the
Project Assets
 grid on the
Capitalization
 profile group of the
View Project
 report.
  • Optionally, create rules that automatically classify capital project transactions as expenses or assets, eliminating manual Work In Progress (WIP) accounting.
  • Set up the automatic assignment of capital project transactions to project assets.
  • Review WIP transactions tagged to the capital project and associate their costs to project assets.
  • Capitalize project assets when all transaction costs are in.
  • Recapitalize project assets when uncapitalized costs come in late.