How does Workday manage fixed assets during the Record-to-Report process?

Workday manages fixed assets during the Record-to-Report process by tracking acquisition, depreciation, and disposal. This comprehensive approach allows organizations to maintain accurate records of their assets throughout their entire lifecycle.

In the acquisition stage, information related to new assets is captured, including costs and relevant details needed for financial reporting. Tracking depreciation is crucial as it reflects the asset's reduction in value over time in financial statements, ensuring compliance with accounting standards. Finally, monitoring disposals ensures that when assets are retired or sold, the system accurately reflects these changes in the financial records.

This method supports effective financial reporting and analysis, as it provides insights into asset value, performance, and the overall financial health of the organization. By integrating these processes into a single system, Workday enables streamlined data management and reporting capabilities, essential for informed decision-making.