Steps: Set Up Fiscal Schedules and Years

You can build and maintain fiscal schedules and fiscal years for your businesses to use and share for financial accounting and reporting purposes.

Fiscal schedules are distinct from your calendar years, though the two might coincide. A fiscal schedule consists of posting intervals, the chronological periods into which you divide the calendar. Fiscal schedules don't contain specific years. To create fiscal years and their periods, use fiscal schedules as the building blocks.

The fiscal years you create in the fiscal schedule sequentially follow the prior fiscal year, and you can't duplicate them. Workday uses the ending date of 1 fiscal year to help derive the start date of the following fiscal year. If you need to represent the same year differently, even for historic general ledger conversions, consider using an alternate fiscal schedule.

Example: You report on both a year end in December and a year end in March. Instead of creating 2 fiscal years in the same schedule, create a separate schedule for the year end in December and a separate schedule for the year end in March.

If required, you can add the fiscal schedule as an alternate fiscal schedule on the

Edit Company Accounting Details

task. See Assign Company Accounting Details.

You can use the alternate fiscal schedule for financial reporting. See Steps: Set Up Alternate Fiscal Year Consolidations.

Access the

Create Fiscal Schedule

task.

Enter a unique name for the schedule. You can share this 1 across your businesses, or create more as needed.

To automatically populate the fiscal period end date for each posting interval based on the prior fiscal year, select the

Auto Populate Fiscal Periods

check box. Clear the check box to enter the dates manually.

Security:

Set Up: Fiscal Schedule
in the Common Financial Management functional area.

Set Up: Payroll - Company Specific (Accounting)
in the Core Payroll functional area.

See: Steps: Set Up Security Permissions.

Access the

Maintain Fiscal Schedule Posting Intervals

task.

Define the posting intervals to apply to any fiscal year that you create for the fiscal schedule. During reporting, you can include or exclude adjusting accounting journals in the financial results. You can decide to no longer include a separate period in your schedule in which to post adjustments, even if you’ve historically done so.

Add a row for each posting interval that you want to use as a period within a fiscal year. After you create the initial fiscal year, you can't add, delete, or change the order of the intervals, but you can rename them.

Security:

Set Up: Fiscal Schedule
in the Common Financial Management functional area.

Set Up: Payroll - Company Specific (Accounting)
in the Core Payroll functional area.

Access the

Create Fiscal Summary Schedule

task.

Define summary intervals to roll up posting intervals to broader reporting periods, such as quarters or half-years.

Add a row for each group of

Fiscal Posting Intervals

that you want to combine into a summary reporting period for the fiscal year. Example: Group January, February, and March into Q1 to gain insight into your quarter-to-date financial status.

You can add, change, or delete summary intervals anytime.

Security: Set Up: Fiscal Schedule
in the Common Financial Management functional area.

Access the

Create Initial Fiscal Year

task.

Create the initial fiscal year for which to perform accounting and financial reporting.

As you complete the task, consider:

Option	Description
Fiscal Schedule	Displays only the fiscal schedules with posting intervals, but no fiscal years are available.
Fiscal Year Number	Assign a unique number to identify the year within the fiscal schedule. Example: Enter the calendar year number associated with the first fiscal period.
Fiscal Year Name	Uniquely identify the fiscal year to differentiate from other years within the same fiscal schedule. Example: Your fiscal year runs from July through June, so you mention both calendar years that it crosses.
Fiscal Year Start Date	The first day of the first period within the fiscal year.
Fiscal Posting Interval	The periods that make up the fiscal year, as set on the Maintain Fiscal Schedule Posting Intervals task.
Fiscal Period End Date	Select the last day of each period. Workday sets the Fiscal Year End Date to the last end date.

Create previous and next fiscal years as needed. Before you create a ledger year and periods for a fiscal year, you can use the

Edit Fiscal Year

task to edit the name and period end dates.

(Optional) Access the

Create Previous Fiscal Year

task.

(Optional) Access the

Create Next Fiscal Year

task.

Fiscal Year Number: For the previous fiscal year, Workday subtracts 1 from the earliest existing fiscal year; for the next fiscal year, Workday adds 1 to the latest.

Fiscal Year Start Date: For the next fiscal year, Workday sets this date to the first day after the end date of the preceding fiscal year.

Because financial transactions and events have an associated date, you can use your fiscal schedule and fiscal years to control accounting and reporting. You can combine several posting intervals into consolidated reporting units, such as a quarters or half years, or fiscal summary schedules.

Associate the fiscal schedule as the primary or the alternate fiscal schedule with your companies using the

Edit Company Accounting Details

task. Then use the fiscal years to build a specific ledger year and its ledger periods for the company using the