Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2023-06-23
Review Capital Project Transactions

Review Capital Project Transactions

  • Create a capital project with project assets.
  • Tag these transaction lines with a capital project worktag:
    • Expense reports.
    • Labor costs.
    • Manual journals.
    • Supplier invoices.
Review each transaction line tagged to a capital project and either:
  • Place the costs into a project asset .
  • Reclassify the cost as an expense.
When you reclassify a cost as an expense, Workday moves the accounting out of Work In Progress (WIP) accounts and back into spend accounts. Optionally, you can create rules that automatically classify capital project transactions as expenses or assets, eliminating manual WIP accounting.
To review transactions across multiple projects manually, access the
Capital Project Workbench
.
  1. (Optional) Access the
    Edit Tenant Setup - Financials
     task.
    Select the
    Post Work in Progress to Company Asset Book Codes
     and the
    Enable Multibook Asset Accounting
     check boxes in the
    Business Assets Options
     section.
  2. Access the
    View Project
     report.
  3. Select
    Financials
    Capitalization
    .
  4. Click the
    Review Transactions
     button and select a review option:
    • Use
      Express Review
       to review all new, unassigned transaction lines tagged to the capital project for all capital transaction types.
    • Review transaction lines by transaction type, such as expense reports or labor costs. This review method enables you to work with new transaction lines as well as the transaction lines you’ve already assigned to project assets.
  5. (Non-express only) Use the
    Search Criteria
     to narrow the list of transaction lines.
    Select
    Only Transactions Already Assigned
     to view only transaction lines already assigned to a project asset, but not lines that you already classified as expenses. Example: Use this option when you want to reclassify costs from 1 project asset to another.
  6. (Non-express only) Select the transaction lines that you want to act on.
  7. Select the action that you want to apply to the transaction lines:
    Option Description
    Mark as Expense Cost
    Reclassifies the transaction line costs as a project expense not associated with any asset. This option doesn’t apply to manual journal entries. You apply their costs directly to WIP accounting when you create a manual journal. There’s no original spend account in which to reclassify the costs.
    You can't reverse this choice after you submit.
    Assign to Project Asset
    Associates the transaction line costs with the correct project asset for this capital project. You can assign multiple transaction lines to the same project asset.
    Set Project Asset Values to Blank
    (Non-express only) Reset assigned lines to unassigned. Use with the
    Only Transactions Already Assigned
     check box in the
    Search Criteria
    . Example: You can use this option when you incorrectly tie transactions to a project asset.
For transaction lines marked as expense during the review, Workday initiates the
Verify Capital Project Expense
 business process. A reviewer can confirm that the transactions are expenses not related to any project asset.
Once approved, Workday moves the expense costs out of the WIP account and into the proper spend account. Workday determines an account based on your
Spend
 account posting rule and the spend category from the original transaction line. Workday displays project expenses in the
Transactions Reclassified as Expense
 section of the
Capitalization
 tab by transaction type. The capital project remains as a worktag on the transaction line.
If you enable post Work in Progress (WIP) to company book codes with multibook asset accounting, Workday moves the expense out of the WIP account and into spend. Select
Accounting
View Accounting
 from the related actions menu of a transaction for details.
For transaction lines assigned to project assets, Workday retains the costs in the WIP account. Workday displays these costs in the
Project Assets
 section of the capitalization tab as
Uncapitalized Cost
 for the selected project asset.
  • Review the additional transactions for the capital project as they come in.
  • Configure the automatic assignment of capital project transactions to project assets.
  • Capitalize project assets.