Workday consolidates all Finance systems into one easy-to-use platform, based in the cloud, providing a seamless and unified experience for all ACC managers. Workday will provide a dashboard for quick access to accounts receivable items, and will automate the entire business asset workflow by removing external manual processes.

Finance Staff

You can look forward to the following changes:

  • Account sets are established as a “parent” and a “child” in Workday.
  • The parent does not have ledger accounts.
  • Ledgers are on the child account.
  • Account sets are simple to edit.​
  • Provide reports that drive business decisions and provide information upfront. ​
  • Automatic notifications for tasks, events, performance reviews, approvals, and more.​
  • Improves efficiency and automation to drive awareness and reduce time-consuming tasks while expediting the approval process​.

Finance Glossary

TermDefinition
Ad Hoc RequisitionRequest a nonstandard good not found in the catalog. If you do not know all of the details, the buyer can fill them in later when processing the requisition.
CompanyUsually represents a legal entity, and is the primary entity for recorded business transactions and financial reports. A Workday company equates to a single tax ID within an enterprise. A company is a type of Workday organization.
Expense ReportsThe output of money from an individual or group to pay for an item or services. You can create your own expense reports. You can also create them on behalf of other workers when delegated, or if you have security access to the Create Expense Report for Worker task.
Fiscal YearA year period, without regard to the calendar year, where an organization determines their fiscal condition. Fiscal years within Workday are created only within fiscal schedules. Each year within that schedule must share the same posting intervals – what differs is the end date from one year to the next. Example: In a 4-4-5 fiscal schedule, the end date of period 1 might be January 23 for fiscal year 2010 and January 25 for fiscal year 2011, but both years share January as period 1.
GoodsTracks spend for physical objects, which can be expensed, capitalized, or issued to a worker. Example: Include office supplies, IT hardware and software, etc. Purchase orders for goods will display information related to a purchase item, including item description, unit of measurement, and unit price.
ProcurementThe act of gaining goods or services from an external source. Procure-to-pay functionality within Workday includes: spend for goods, services, contingent workers, and project-based services; managing supplier contracts, requisitions, purchase and change orders, receipts, goods and services sourcing, and requests for quotes; maintaining purchase items, catalogs, supplier links, and a supplier portal; configuring requisition access to spend categories, catalogs, and supplier links; tracking and analyzing time, activity, and spend; and creating receipt accruals for approved, uninvoiced receipts.
Project-Based ServicesTracks spending for a project or task-oriented endeavor. Purchase orders for deliverable project-based services will display information related to a project including tasks and phases. Example: of project-based services include, Marketing campaign and Landscaping project.
Purchase Item GroupsA way to organize goods and services not associated with a supplier or supplier contract. Purchase items can be grouped to facilitate searching, item selection, and reporting. An item might belong to more than one purchase item group. Example: A laptop could belong to both the “office supplies” and the “laptops and desktops” purchase item groups. You can either assign purchase items to item groups or assign a group to an item when creating the item.
Purchase ItemsGoods and services that are not associated with a supplier or supplier contract. Create or edit each purchase item. They differ from supplier catalog items.
Purchase OrderCommercial document and official offer from the buyer to seller. In Workday, you create or edit purchase orders before issuing them to suppliers. Purchase orders based on requisitions can be automatically created.
RequisitionRequest to purchase goods, services, and contingent labor. To request contingent worker services, use job requisitions.
Requisition TemplatesA collection of goods and services that make the requisition process simpler, faster, and more manageable. Can also control access to private, shared, and public templates.
ResourceAny item you want to track, from company vehicles to software licenses and access cards. For capital resources, you can capture the acquisition cost and record depreciation based on the depletion schedule attributes. You can also track resource custodianship.
Search CatalogA catalog of available goods, as well as supplier catalog items. Organizations’ catalogs will vary.
ServicesServices procurement tracks spending for services that are cost-based and not based on quantity. Example: Include, Maintenance and Warranty services.
Spend AuthorizationA budget of expenditures you plan to make for a future purpose. Your organization may require you to obtain pre-approval for anticipated expenditures before entering actual expenses in Workday. Spend authorizations act as a cost control or expense policy compliance tool. The worker initiates the process of creating a spend authorization, not the manager. Managers take actions on spend authorizations after they are submitted for approval.
Spend CategoriesUsed to classify expenses on the income statement and assets on balance sheets. Spend categories are meant for use in certain operational transactions: Procurement transactions (requisition, purchase order, supplier contract, etc.) Supplier invoice Ad hoc payment (e.g., sales tax remittance)
SupplierA business entity from whom you purchase goods or services.
Supplier GroupsA way to organize suppliers of different goods and services into one or many groups that you find useful. Groups are a way to categorize suppliers for reporting and selection. They are also available for use in account posting rules, but not recommended as they are not required, and each supplier can have multiple groups.
Supplier RequestA proposal made out to the source of goods or services that are requested. There is a supplier request business process available to those who have authorization. Once given, as the initiator, you are required to fill minimal information about the suppliers you wish to add, such as name and contact information.