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Administrator Guide
Last Updated: 2024-09-20
Assign Company Accounting Details in AP&C

Assign Company Accounting Details in AP&C

  • Define each financial component to associate with the company. Examples: Account Posting Rule Set, Account Set, Fiscal Schedule, Currency.
  • Security:
    • Set up: Company Accounting
      in the Common Financial Management functional area.
    • Set Up: Payroll - Company Specific (Accounting)
       in the Core Payroll functional area.
To perform accounting-related actions and record all relevant transactions for a company in Adaptive Planning and Consolidation (AP&C), assign the necessary company financial components. Example:
  • Account Set
  • Currency
  • Default Reporting Book
  • Fiscal Schedule
  • Translation Currency
  1. Access the
    Edit Company Accounting Details
     task.
  2. As you complete the task, consider:
    Option Description
    Currency
    Workday uses the base currency for all financial transactions within the company, such as:
    • Supplier Invoices
    • Customer Invoices
    • Expense Reports
    When you have configured conversion rates, Workday converts foreign currency transactions to the base currency of the company for accounting purposes.
    Currency Rate Type Override
    Select the default currency rate type for the company. Leave blank to use the default currency rate type for the tenant.
    Fiscal Schedule
    Displays your default fiscal schedule. Configure the fiscal years for the company to create ledger years or periods and plans based on the fiscal schedule.
    Once you enter journals or plan details for the company, you can no longer change the fiscal schedule. When you only create ledger years and periods or plans, you can't change the fiscal schedule until you delete them.
    Alternate Fiscal Schedule
    Select to associate 1 or more alternate fiscal schedules for the company to generate financial statements for either the primary or 1 or more alternate fiscal schedules. When you run consolidated financial statements, Workday uses the schedule defined on the
    Edit Consolidation Details
    task.
    The alternate fiscal schedule can’t be the same as the primary fiscal schedule. Once you create beginning balances, you can’t change the alternate fiscal schedule.
    Account Set
    Displays your default account set for the chart of account. Once you create ledger years and periods, you can’t change the account set.
    Alternate Account Set
    Select an additional account set for the company to generate reports that map alternate or statutory account sets to your preferred account set. Once you create or post journals, you can't change the alternate account set.
    Default Account Set
    Workday displays this account set when you create:
    • Journals.
    • Recurring journal templates.
    Account Control Rule Set
    Set approval thresholds for company accounts based on the specified account set.
    Account Posting Rule Set
    Identify rules about how journal entries post to accounts for this company based on the specified account set.
    Account Translation Rule Set
    Select a rule set to automatically populate for the translation when you run translated financial reporting for the company.
    Average Daily Balance Rule
    Select a rule that uses the same Account Set the company uses.
    Average Daily Balance Start Date
    Select the effective date of the
    Average Daily Balance Rule
     and the earliest date that you can select when processing average daily balances. Workday:
    • Calculates ending balances for journals with an accounting date on or after this date.
    • Tags the journal lines with the average daily balance date.
    Default Reporting Book
    Displays the default reporting
    Book
     on reports where you select the book as a parameter. You can change the default book by selecting the
    Tenant Default
     check box on the
    Maintain Books
     task. When you configure a default book for a company hierarchy or company, it overrides the tenant-level default.
    If you define more than 1 book and don't set a default book, you must select a
    Book
     when you run a financial report. Otherwise, the report returns results for all books and you risk double-counting.
    Procurement Tax Option
    Select a default tax option for these purchase transactions:
    • Ad hoc payments.
    • Supplier invoices and supplier invoice adjustments.
    • Purchase orders.
    Translation Currency
    Select 1 or more default translation currencies that you want to use when rolling translated beginning balances forward.
    Allow Accounting by Approval Date
    Select an invoice option to use the approval date instead of the invoice date for accounting / as the accounting date.
    Allow Accounting in Arrears
    Select to view:
    • The
      Accounting Date
       when you create, edit, or view an invoice.
      You can enter an accounting date that differs from the invoice date for customer or supplier invoices and invoice adjustments.
    • In Progress
       operational journals when you update ledger period statuses.
    Accounting Date Requirement
    Select to establish whether an accounting date is required or optional on customer invoices.
    Enable Automatic Journal Line Numbering
    Select to automatically number activity lines of all journals. Workday assigns the line number when you post the journal.
    Workday doesn't assign line numbers:
    • To retained earnings lines.
    • On copied journals.
    • In a sorted order.
    Disallow Change to Operational Transactions in Closed Periods
    Select to prevent users from making changes to approved operational transactions in closed periods. This configuration provides a better audit trail when you reconcile ledger balances to operational transactions.
    Reverse Debit/Credit
    Keep Debit/Credit and Reverse Sign
    You can change your selection at any time. Your changes take effect going forward; changes don’t take effect retroactively.
For a given company you can:
  • Create ledger years and periods.
  • Route journals that exceed account thresholds to approvers.
  • Post journal entries to specific accounts according to posting rules.
  • View beginning balances in default translation currencies.
  • Translate financial reports from base currency to a reporting currency.
  • Process average daily balances.
  • Generate reports in both the corporate and alternate account sets.