Capital Projects
What is it?
When we say Capital Projects, we mean …
- The accumulation of costs that meet the capitalization criteria
- The creation of project assets
- The conversion of project assets to business assets
Key Terminology
Project hierarchies define the parent and child relationships within hierarchies and categorize projects. All projects must belong to a primary project hierarchy. Assign projects to the lowest hierarchy level at the time of project creation. Hierarchies can be used to control security access and for business process routing.
An optional field available for reporting purposes (e.g. one project could have project groups of IFAS, Hurricane/Natural Disaster, Minor Capital).
Legacy Term: Type, Scope, Category in Project Tracker
Identifies the department/cost center personnel responsible for the project. This information can be used for roll-up reporting.
Legacy Term: Client
Indicates the progress of a project for informational purposes only (e.g. Planning, Design, Construction, etc.). Status doesn’t control functional behavior.
Legacy Term: Project Phase
Identifier that allows the project to be associated with an external project ID, such as an ID from Project Tracker (e.g. UF-632).
Legacy Term: Project ID
Unique identifier assigned to projects for tracking and management purposes that is automatically assigned by Workday in sequential order. Starts with PJ followed by 6 digits, (e.g. PJ000015).