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Administrator Guide
Last Updated: 2024-02-23
Create Average Daily Balance Rule

Create Average Daily Balance Rule

Security:
Set Up: Accounting Rules
 domain in the Financial Accounting functional area.
You can configure ledger accounts and associated worktags that you want to include in average daily balance calculations.
  1. Access the
    Create Average Daily Balance Rule
     task.
  2. As you complete the task, consider:
    Option Description
    Rule Name
    You can only change the name once you start using the rule.
    Account Set
    When you assign an average daily balance rule to a company, you must select the same account set for both the rule and the company.
    Book
    Select 1 or more books to filter the source journal lines used in the average daily balance rule. When you don't enter a book code, Workday returns all journal lines with a blank book code.
    Workday uses the book code to calculate average daily balance.
    Calculate Current Year Retained Earnings
    Select this check box to generate average daily balance values for current year retained earnings.
    When you select this check box, Workday hides income statement ledger accounts on the
    Ledger Account/Summary
     field. You'll be able to select an account to send your current year retained earnings in the
    Retained earnings account for fiscal year beginning balance
     prompt.
    Worktag Type
    When you balance your books by worktag, you must include the balancing worktag type.
    Workday displays worktag options according to your
    Ledger Account/Summary
     selections.
    When you select all balance sheet ledger accounts for the
    Ledger Account
    , select the ledger account to which you want to assign retained earnings. When you process average daily balances for the first time in the next fiscal year, net income from the preceding year rolls forward in the account you select. Workday calculates beginning balances based on the type of ledger account.
  • Assign the average daily balance rule to a company.