Create Ledgers

Set up alternate ledger currency to create 2 actuals ledgers. See Steps: Set Up Alternate Ledger Currency.

Create Ledger Account Types. Name the actuals ledger type and optionally the commitment and obligation ledger types using the

Maintain Ledger Types

task.

Security: Set Up: Ledger and Book
domain in the Common Financial Management functional area. See Steps: Set Up Security Permissions.

You can create actuals, commitment, and obligation ledgers for each of your companies. For commitment and obligation ledger types, you can enable the creation of commitments and obligations for payroll transactions (payroll and fringe benefits) and procurement transactions.

For state and local governments:

The commitment ledger type is commonly known as pre-encumbrance.

The obligations ledger type is commonly known as encumbrance.

You can name the commitment and obligations ledger types based on your needs.

You can:

Have 2 actuals ledger types per company. You can only create a second actuals ledger if you configure alternate ledger currency for your company.

Create and use payroll commitment and obligation ledgers only if your company has selected USD or CAD as its default currency.

Access the

Create Ledger

task.

Select the

Company

for which you want to create ledgers.

Select which

Actuals Ledger Type

to use for the company ledgers.

Workday appends the ledger type name and currency code to the actuals, commitment, and obligation ledgers of the company. You can't change the actuals ledger type once there are journal entries for the company.

To provide budget date visibility on all applicable journal lines, select the

View Budget Date

check box.

When you select

View Budget Date

, Workday uses your

Budget Options

configuration on the

Edit Tenant Setup - Financials

task to determine the default budget date for the transaction.

When you have a commitment or obligation ledger, Workday requires the budget date and automatically selects this check box. When you have an actuals ledger only and control budget for actuals transactions only, you can select or clear it.

To enable commitments or obligations for spend and payroll transactions, select the check boxes.

For payroll transactions, you can create commitments and obligations for

Payroll

and

Fringe Benefits

when the company currency is in USD and CAD.

For spend transactions, select:

Obligations for Procurement to create obligations for purchase orders and certain supplier contract types.

Both commitments and obligations for Procurement to create commitments for requisitions and obligations for purchase orders and certain supplier contract types.

Expenses to create commitments for spend authorizations.

Select the

Roll Journals Forward for Procurement

check box to have Workday:

Automatically roll forward the accounting date to the first date of the next open period upon budget approval.

Post the commitment or obligation journals that you rolled forward to the new period.

You can use the company ledger to store accounting results from your original journal entries.

Create and open a ledger year and ledger periods for your company ledgers.

Change the Status of Ledger Periods

Steps: Create and Open Ledger Years and Periods

Steps: Set Up Financial Accounting Structure

Steps: Maintain Access to Ledger Accounts