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Administrator Guide
Last Updated: 2023-06-23
Example: Set Up a Custom Financial Scorecard

Example: Set Up a Custom Financial Scorecard

This example illustrates how you can build custom financial scorecard to make important analytic information available from your home page, dashboard, or scorecard worklet.
Teresa Serrano is Chief Financial Officer at Global Modern Services. In a meeting with the Chief Human Resources Officer Logan McNeil, she notices that Logan uses a management reporting dashboard to gain insight into workforce operations.
Teresa talks with to the Scorecard Administrator Norman Chan about developing custom financial scorecards that:
  • Displays revenue, net income, and profit margin for January 2013.
  • Uses analytic indicators to display performance and trend.
  • Enables her to view more detailed information to gain greater insight.
  • Enables other vice presidents to provide comments and recommendations when profit is at risk of being below target.
Ledger account summaries, company hierarchies, and matrix reports are specific to your Workday tenant and might be different from the values suggested here.
  • On the
    Edit Tenant Setup - Reporting and Analytics
     task, select the
    Enable Scorecarding
     check box to enable custom scorecards.
  • Have an existing actual or plan matrix report to produce aggregate value for the metrics. You can also create custom matrix reports by copying these 2 delivered standard reports:
    • Financial Scorecard Metric for Journal by Company.
    • Financial Scorecard Metric for Journal by Cost Center.
  • Have the appropriate security permissions for ledger account segments to all journals, including the accounting and operational journals.
  • Security:
    • These domains in the System functional area:
      • Metric Management
      • Manage Metric Values
  • Reports: Financial Accounting
     domain in the Financial Accounting functional area.
  • Create a custom analytic scorecard.
    1. Access the
      Create Analytic Scorecard Profile
       task.
      Field
      Value
      Name
      Financial Executive Scorecard
      Organization Type
      Company Hierarchy
      Top Level Node
      1CON Consolidation - Corporate
      Fiscal Schedule
      Standard Corporate Schedule
    2. Click
      OK
       to display the scorecard profile.
    3. Click the
      Metric Set Details
       profile group.
    4. Click
      Edit
      .
    5. Enter or confirm these field values:
      Field
      Value
      Inactive
      Unchecked
      Organization Type
      Company Hierarchy
      Include Content
      Checked
      Metric Calculation Scope
      Node including subordinates
      Top Level Node
      1CON Consolidation - Corporate
      Levels From Top
      1
      Additional Nodes
      Blank
      Fiscal Schedule
      Standard Corporate Schedule
      Published Period
      2012 - Dec
      Metric Processing Period
      Workday automatically populates the next period of 2013 - Jan.
    6. Click
      OK
       and then click
      Done
      .
  • Create a custom metric for Net Income.
    1. Access the
      View Analytic Scorecard Profile
       report.
    2. From the
      Analytic Scorecard Profile
       prompt, select
      Custom-> Financial Scorecard
      .
    3. Click
      OK
       to display the
      Financial Scorecard
      profile.
    4. Click the
      Metrics
       profile group.
    5. Click
      Create Custom Metric
       and confirm or enter these values:
      Field
      Value
      Metric Set
      Financial Scorecard
      Metric Name
      Net Income
      Workday Metric Calculation Name
      WD Matrix Report
    6. Click
      OK
      .
    7. On the
      Metric Source
       tab, enter:
      Field
      Value
      Track Target
      Checked
      Target Source
      Matrix Report
    8. Click the
      Calculation Configuration
       tab.
    9. In the
      Actual Amount
       section, enter:
      Field
      Value
      Matrix Report
      (Actuals) Matrix Report for Financial Scorecard Metrics by Company
    10. In the
      Map Matrix Report Prompts
       grid, enter:
      Prompt Field
      Value Type
      Value
      Company
      Specify Value
      1CON Consolidation-Corporate
      Ledger
      Specify value
      Actuals
      Amount Type
      Specify value
      Activity
      Time Period
      Specify Value
      Current Period YTD
      Period
      Use Value from Metric Calculation
      Metric Period
      Ledger Accounts and Summaries
      Specify Value
      Corporate: Total Revenue
      Corporate: Total Expenses
      Translation Currency
      Specify value
      USD
      Account Translation Rule Set
      Specify value
      Consolidations
    11. On the
      Aggregation Field
      , select
      Debit Minus Credit Amount
      .
    12. In the
      Target Amount
       section, enter:
      Field
      Value
      Matrix Report
      (Plan) Matrix Report for Financial Scorecard Metrics by Company
    13. In the
      Map Matrix Report Prompts
       grid, enter:
      Prompt Field
      Value Type
      Value
      Company
      Specify Value
      1CON Consolidation-Corporate
      Ledger
      Specify value
      Actuals
      Amount Type
      Specify value
      Activity
      Time Period
      Specify Value
      Last Year - Current Period YTD
      Period
      Use Value from Metric Calculation
      Metric Period
      Plan Structure
      Specify Value
      Budget
      Ledger Accounts and Summaries
      Specify Value
      Corporate: Total Revenue
      Corporate: Total Expenses
      Translation Currency
      Specify value
      USD
      Account Translation Rule Set
      Specify value
      Consolidations
    14. On the
      Aggregation Field
      , select
      Debit Minus Credit Amount
      .
    15. On the
      Thresholds
       tab, enter:
      Field
      Value
      Threshold Type
      Percentage of target
      Threshold Direction
      Increasing is better
      Bad Upper Limit
      0.9
      Warning Upper Limit
      0.95
    16. On the
      About This Metric
       header, enter:
      Field
      Value
      About This Metric
      Net income is calculated by taking revenue and adjusting for the cost of doing business, depreciation, interest, taxes, and other expenses.
    17. Click
      OK
       and then click
      Done
      .
  • Create a custom metric for total revenue.
    1. Click
      Create Custom Metric
       and confirm or enter these values:
      Field
      Value
      Metric Set
      Financial Executive Scorecard
      Metric
      Revenue
      Workday Metric Calculation Name
      WD Matrix Report
    2. Click
      OK
      .
    3. On the
      Metric Source
       tab, enter:
      Field
      Value
      Track Target
      Checked
      Target Source
      Matrix Report
    4. Click the
      Calculation Configuration
       tab.
    5. In the
      Actual Amount
       section, enter:
      Field
      Value
      Matrix Report
      (Actuals) Matrix Report for Financial Scorecard Metrics by Company
    6. In the
      Map Matrix Report Prompts
       grid, enter:
      Prompt Field
      Value Type
      Value
      Company
      Specify Value
      1CON Consolidation-Corporate
      Ledger
      Specify value
      Actuals
      Amount Type
      Specify value
      Activity
      Time Period
      Specify Value
      Current Period YTD
      Period
      Use Value from Metric Calculation
      Metric Period
      Ledger Accounts and Summaries
      Specify Value
      Corporate: Total Revenue
      Translation Currency
      Specify value
      USD
      Account Translation Rule Set
      Specify value
      Consolidations
    7. On the
      Aggregation Field
      , select
      Credit Minus Debit Amount
      .
    8. In the
      Target Amount
       section, enter:
      Field
      Value
      Matrix Report
      (Plan) Matrix Report for Financial Scorecard Metrics by Company
    9. In the
      Map Matrix Report Prompts
       grid, enter:
      Prompt Field
      Value Type
      Value
      Company
      Specify Value
      1CON Consolidation-Corporate
      Ledger
      Specify value
      Actuals
      Amount Type
      Specify value
      Activity
      Time Period
      Specify Value
      Last Year - Current Period YTD
      Period
      Use Value from Metric Calculation
      Metric Period
      Plan Structure
      Specify Value
      Budget
      Ledger Accounts and Summaries
      Specify Value
      Corporate: Total Revenue
      Translation Currency
      Specify value
      USD
      Account Translation Rule Set
      Specify value
      Consolidations
    10. On the
      Aggregation Field
      , select
      Credit Minus Debit Amount
      .
    11. On the
      Thresholds
       tab, enter:
      Field
      Value
      Threshold Type
      Percentage of target
      Threshold Direction
      Increasing is better
      Bad Upper Limit
      0.9
      Warning Upper Limit
      0.95
    12. On the
      About This Metric
       header:
      1. Enter:
        Field
        Value
        About This Metric
        Revenue is the amount of money a company actually receives during a specific period, including discounts and deductions for returned merchandise. It’s the top line or gross income figure less costs, to determine net income.
      2. Click the
        Link
        icon. For
        Link Type
        , select
        Report Link
         and then select
        Report Link 1
        . Click
        OK
        .
    13. To link the custom metric scorecard to other reports, expand
      Report Links
       and enter:
      Field
      Value
      Tag
      View Top 10 Customers by Revenue
      Drill To
      Top 10 Customers by Revenue
    14. Click the
      Map Prompts
       button and enter:
      Prompt
      Value Type
      Field
      Value
      Company
      Use Value From Metric
      Organization
      Leave Blank
      Ledger
      Specify default value
      Leave Blank
      Actuals
      Time Period
      Specify default value
      Leave Blank
      Current Period YTD
      Period
      Use Value From Metric
      Period
      Leave Blank
      Account Translation Rule Set
      Specify default value
      Leave Blank
      Consolidations
      Translation Currency
      Specify default value
      Leave Blank
      USD
      Revenue Accounts
      Specify default value
      Leave Blank
      Corporate: Total Revenue
    15. Click
      Done
      .
    16. Click
      OK
       and then click
      Done
      .
  • Create a custom metric for Profit Margin.
    1. Click
      Create Custom Metric
       and confirm or enter these values:
      Field
      Value
      Metric Set
      Financial Scorecard
      Metric
      Profit Margin
      Workday Metric Calculation Name
      WD Simple Arithmetic
    2. Click
      OK
      .
    3. On the
      Metric Source
       tab, select:
      Field
      Value
      Actual Source
      Workday Algorithm
      Track Target
      Checked
      Target Source
      Workday Algorithm
    4. Click the
      Calculation Configuration
       tab and select:
      Field
      Value
      Operand A
      Net Income
      Operand B
      Blank
      Operator 1
      Divide
      Operand C
      Revenue
      Operand D
      Blank
      Operand E
      Blank
      Operand F
      Blank
    5. On the
      Thresholds
       tab, enter:
      Field
      Value
      Threshold Type
      Percentage of target
      Threshold Direction
      Increasing is better
      Bad Upper Limit
      0.9
      Warning Upper Limit
      0.95
    6. On the
      About This Metric
       header, enter:
      Field
      Value
      About This Metric
      Profit Margin is calculated as net income divided by total revenue or profits divided by sales. Profit margins are expressed as a percentage and measures how much out of every dollar of sales a company actually keeps earning. Example: a 20% profit margin means that the company has a net income of $0.20 for each dollar of total revenue earned.
    7. Click
      OK
      .
    8. Click the
      Calculation Configuration
       tab and confirm that the Expression displays
      Net Income/Revenue
      .
    9. Click
      Done
      .
  • Create a custom dashboard.
    1. Click the
      Reports and Dashboards
       profile group.
    2. Click
      Create Custom Dashboard
       and enter:
      Field
      Value
      Dashboard
      Financial Scorecard
    3. Click
      OK
      .
    4. Enter these dashboard settings:
      Field
      Value
      Prompt Set
      Scorecard
      Domain
      Metric Management
      Dashboard Icon
      Actuals vs Budget
      Max Worklets Allowed
      6
      Configurable by User
      Unchecked
    5. Click
      OK
       and then click
      Done
      .
  • Create scorecard report.
    1. Click
      Create Scorecard Report
       and enter:
      Field
      Value
      Report Name
      Sub Report - Scorecard
      Dashboard
      Financial Scorecard
    2. On the
      Metrics
       grid, enter these values:
      Metric
      Formatting Style
      Revenue
      Thousands (1 Decimal Place) K
      Net Income
      Leave Blank
      Profit Margin
      Percentage - 2 Decimal Places
    3. On the
      Layout Options
       section, confirm
      Enable Drilling To
       is checked and for the
      Target
       prompt, select
      Target Value
      .
    4. On the
      Share Option
      section, select
      Share with all authorized users
      .
    5. Click
      OK
       and then click
      Done
      .
  • Display the Financial Scorecard in Worklets.
    1. Click the
      Reports and Dashboards
       profile group.
    2. Click
      Maintain Dashboards
      .
    3. Locate the
      Financial Scorecard
       you created.
    4. Click the
      Edit
      button.
    5. On the
      Dashboards Prompts
       tab, enter these values:
      Prompt Field
      Label for Prompt
      Default Type
      Default Value
      Metric Set
      Metric Set
      Specify default value
      Financial Scorecard
      Metric Organization
      Metric Entity
      Specify default value
      1CON Consolidation- Corporate
      Metric Period
      Metric Period
      Specify default value
      Jan 2013
    6. On the
      Required Worklets
       tab, add this worklet to the grid:
      Field
      Value
      Worklet
      Sub Report - Scorecard
      Worklet Size
      1x (for all worklets)
    7. Click
      Map Prompts
       and then
      Done
      .
    8. Click
      OK
       and then click
      Done
      .
  • Initialize and calculate the metric set.
    1. Click the
      Process
       profile group to generate values for the current processing period.
    2. Verify that the current processing period is 2013 - Jan.
    3. Click
      Initialize
      .
      Workday automatically populates these values:
      Field
      Value
      Metric Set
      Financial Scorecard
      Period
      2013 - Jan
      Run Frequency
      Run Now
      Processing Type
      Process metric set for current period.
    4. Check
      Confirm
      .
    5. Click
      OK
       and then click
      Done
      .
    6. Click the
      Process
       profile group to refresh the process
      Status
      .
      Workday initializes the metric values in the
      Financial Scorecard
       metric set and displays a message when complete. Confirm that the process is complete before moving to the next processing step.
    7. Click
      Calculate
      .
      Workday automatically populates these values:
      Field
      Value
      Metric Set
      Financial Scorecard
      Period
      2013 - Jan
      Run Frequency
      Run Now
    8. Check
      Confirm
      .
    9. Click
      OK
       and then click
      Done
      .
    10. Click the
      Process
       profile group to refresh the process
      Status
      .
      Workday calculates the metric values in the
      Financial Scorecard
       metric set and displays a message when complete.
  • Publish the metric set.
    1. Click
      Publish
      .
      Workday automatically populates these values:
      Field
      Value
      Metric Set
      Financial Scorecard
      Period
      2013 - Jan
      Run Frequency
      Run Now
    2. Select
      Confirm
      .
    3. Click
      OK
       and then click
      Done
      .
    4. Click the
      Process
       profile group to view the process
      Status
      .
  • View the Financial Scorecard in the Dashboard.
    1. Search for the
      Financial Scorecard
       custom dashboard you created.
    2. From the related actions menu of the scorecard name, select
      Custom Dashboard
      Run
       to display the Key Performance Indicator (KPI) card worklets on the dashboard.
Norman Chan gives Teresa security permissions to see the financial scorecard. On the
Financial Scorecard
 custom dashboard, Workday displays these Financial Scorecard worklets in the KPI card layout:
  • Revenue.
  • Net Income.
  • Profit Margin.
The KPI-style worklets display as green, yellow, or red to indicate how well Global Modern Services is meeting defined targets. Using the
Gear
 icon, Teresa can refresh the data for each worklet. She can select
View More
 to view details for:
  • Metric Period.
  • Metric Organization.
  • Metric Set.
Teresa can:
  • Use the
    Top 10 Customers by Revenue
     link to drill down to view the
    Top 10 Customers by Revenue
     report.
  • Review comments and recommendations from vice presidents.