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Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up Financial Accounting Structure

Steps: Set Up Financial Accounting Structure

Before you set up Workday Financial Management, you must also set up these core Workday areas:
  • Tenant
  • Security
  • Organizations
Set up the basic financial components of Workday Financial Management so you can post a journal. Operational transactions on accounting journals can result in journals that you post.
  1. Set up the companies for which you want to:
    • Record business transactions.
    • Produce financial statements.
    • Create other statutory reports.
  2. (Optional) Set up journal sequencing for a company.
    Workday assigns unique, sequential, and gapless journal sequence numbers to accounting and operational journals for the Actuals Ledger Type.
  3. Establish the calendar of financial periods that control accounting and reporting for your companies.
  4. Logically group similar account-related objects or people for posting, searching, and reporting purposes.
  5. Define journal sources and then map the journal sources to transactions.
  6. Establish your chart of accounts and an aggregate of accounts.
  7. Establish your default currency, preferred currency values, currency rate types, and currency conversion rates.
    Workday automatically displays your tenant default and preferred currencies in all applicable fields.
    Use these currency conversion rates in:
    • Financial transactions such as expense reports.
    • Translations from base currencies into reporting currencies.
  8. Identify where you want to post each type of transaction.
  9. Configure a set of account control rules to manage basic approval thresholds at the account level for your companies.
  10. Configure alternate or statutory account set mapping to your preferred account set.
  11. Perform accounting and assign the necessary financial components to a company.
  13. Establish ledger years and ledger periods for each of your companies so that you can record journal entries to their ledgers.
  14. Customize all instances of these labels across your tenant:
    • Budget
    • Budget information
    • Budget lines
    • Budget structure
    • Budget template
    • Entry type
    • Entry types
    • Plan
    • Plan/budget
    • Plans
    • Statistic
    • Total budget
    • View structure
You can post journals for a company.
Set up these additional financial components of Workday Financial Management:
  • Allocations
  • Budgets
  • Consolidation companies
  • Journal processing
  • Period-end close
  • Taxes
  • Translations
  • Worktags
  • Year-end close