Concept: Journal Processing in AP&C
Workday Adaptive Planning and Consolidation (AP&C) automates the accounting resulting from business operations. Based on accounting policies and rules defined by your accounting and control team, Workday automatically generates accounting for:
- Commercial transactions
- Intercompany
- Allocation
- Reversals
Through an intuitive journal entry facility, Workday also accepts accounting generated in third-party systems or spreadsheet uploads.
Journal processing in Adaptive Planning and Consolidation (AP&C) provides the framework for flexible maintenance of manual accounting activity and period adjustments.
Journal
You must have the appropriate security permissions to the ledger account on the accounting journal. You can enter journals manually or upload them. You can enter journals for month end adjustments, depreciation, translation adjustments, or to record accrued liability for purchase items that you receive but not paid. You can automatically reverse journal entries for accruals.
You can create reversal journals on or after the accounting date. If the accounting period isn't open, Workday creates a journal in
Created
status. When the reversal period opens, use the Mass Post Reversal Journals
task to post the reversal journals. You can only post intercompany reversal journals if all companies in the journal have the period open.You can select
Edit
from the related actions menu of a journal that hasn't posted to correct errors.You can select
Delete
from the related actions menu of a journal that you've created but not posted or submitted for approval.
You can't delete a journal in
Created
status if it was copied from another journal.You can select
Correct
from the related actions menu of the business process event to correct a posted journal. The option to correct a posted journal isn't available when you enable the reversal of accounting journals.Workday posts journal entries to a ledger defined for each company.
Journal Statuses
This table lists permitted activities during each journal status:
Activity | Journal Available for Posting | Journal Posted | Journal Canceled |
|---|---|---|---|
Create Journal | No | No | No |
Edit Journal | Yes | No | No |
Post Journal | Yes | No | No |
Unpost Journal | No | Yes | No |
Cancel Journal | Yes | No | No |
Copy Journal | Yes | Yes | Yes |
Recurring Journals
Recurring journals are journals you create on a regular basis. They have the same journal lines for the same accounts and amounts. You can create future-dated recurring reversal journals. When the reversal period opens, use the
Mass Post Reversal Journals
task to post the reversal journals.Journal Reports
Workday provides a number of standard reports to help you manage journals. For a list, access
Workday Standard Reports
and select the Financial Accounting
category.