Business Assets
What is it?
When we say Business Assets, we mean …
- Trackable property that UF owns or is the custodian of
- Both tangible and intangible items that UF uses in fulfilling its mission
- Long-term property not expected to be consumed within one year of acquisition
Key Terminology
Defines what type of expense a transaction is recording, specifying the goods or services being purchased. Spend categories are mapped to ledger accounts.
Legacy Term: Account Code
Unique identifier assigned to business assets for tracking and management purposes that is automatically assigned by Workday in sequential order. Starts with BA followed by 7 digits, (e.g. BA0000105).
Legacy Term: Asset ID
Unique identifier assigned to business assets for tracking and management purposes that is assigned by the Asset Management group. This number is printed on a decal that is placed on moveable equipment. This number can be the same as the Asset Name/Asset ID or can be different if needed to indicate a unique status of the asset, (e.g. 4910USXXXXXXX would indicate the asset is owned by the federal government).
Legacy Term: Tag Number
This is the cost center that oversees the asset for inventory purposes, transfers disposals, etc.
Legacy Term: Primary/Home Department
This is the individual who is responsible for managing the lifecycle (acquisition to disposal) of assets within their cost center.
Legacy Term: Department Contact
This is the individual who has been assigned as the primary user or responsible party of the asset.
Legacy Term: User
Indicates how the cost of the asset is split and allocated across different FDM dimensions.
Legacy Term: Acquisition Detail