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Financials Updates Workday

Answers to Your Workday 2020R1 Financials Questions

If you didn’t get a chance to catch our webinar “Get Ready for Workday 2020R1—The Financials Preview”, our Workday Financials experts have put together some answers to the key questions asked. Darryl, Jonny and Zac give some extra insight into WD2020R1 Financials to make sure you’re set up for success.

For defaults to be present when creating a requisition, are these set up on the Worker Record in HCM?

That’s correct, those defaults will come from the Worker Record within HCM. If you don’t currently record Location, Region etc against a Requisition, you should be able to exclude these fields from the Form if they are not applicable.

What supplier data is purged, and does this include invoices and payments?

The only data purged is identifiable personal information and this does not include transactional data. Please note that it may impact transactional data. For example, if you’ve emailed a remittance to a Supplier Contact, and that Contact is purged, the remittance transaction will no longer show that email address.

What are the restrictions on when you cannot enter a receipt adjustment?

You can’t perform Receipt Adjustments on the following:

  • Receipt lines that have splits
  • Receipt lines that have been amortized
  • Receipt lines that have been returned
  • When PO lines have been closed or closed for Receiving
  • On Contingent Worker, Project Based or Supplier Contract only receipts
  • Receipt lines with related Paid Invoices

Receipt Adjustments involving Assets can only be completed when Assets are in status Registered, In Service, or Issued.

How different is the new Preview Asset Depreciation Schedule from the WD32 feature?

In the WD32 update, there was no way to preview schedules for these assets, and that is what the 2020R1 update is addressing. Assets without Year to Date depreciation will have the same functionality.

Can we save the worksheet reconciliation template in Workday so that we can use it next quarter?

This is not currently possible with the existing framework, as each month the certification starts from scratch.  As this is a fundamentally new feature this may develop over the coming months with small tweaks; we would recommend raising a Brainstorm for this as it seems like a good improvement.

How does opt in/opt out work for some update features? For example, the tax functionality on the ad hoc bank transactions is noted as opt-in, but how can we opt out of that update easily?

Different features have different ways of opting in, and sometimes the term opt in/opt out is misleading.  The way to see how to opt out of a feature is to look at the What’s New post for a feature in Community. For example, take a look at Tax on Ad Hoc Bank Transactions and simply don’t perform the tasks outlined in the Setup Effort section.  In this case, opt out is simply not selecting any tax information when you create an ad hoc bank transaction.

Miscellaneous Payment Request is another big feature in 2020R1. Do you have any information about this?

In 2020R1, Workday delivers a new payment category that improves the efficiency of requesting miscellaneous payments by allowing you to request them with less up-front information. Workday also adds a new payee type to facilitate this process and the surrounding security.

However, there is some setup involved. You’ll need to configure the allowed security groups for the new domains in the Miscellaneous Payments functional area and select an accounting option for the miscellaneous payment requests. Following this you’ll need to set up categories and the business process itself.

Miscellaneous Payment Requests and Ad Hoc Payments are quite similar, but there are a few differences. Miscellaneous Payment Requests are self-service and don’t require up-front payment information. They also let you specify between cash-basis or accrual-basis accounting. You can access more information on Community.

 

For more on Workday 2020R1 Financials, watch the recording of the webinar here.

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