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Administrator Guide
Last Updated: 2023-06-23
Define Worktag Balancing Rules for Financial Transactions

Define Worktag Balancing Rules for Financial Transactions

Set up any custom worktags that you want to use in your balancing rule.
Define rules that instruct Workday on how to assign a balancing worktag to the offset side of an operational transaction journal. You need a rule for applicable transactions for which you want to specify the balancing worktag.
Example: If you balance by fund, the rule enables you to settle and receive payments for a group of funds using a single, specified fund. You don't need a rule if you want the offset journal line to always inherit the balancing worktag from the operational transaction side.
Changes to balancing rules affect new transactions only.
  1. Access the
    Create/Edit Financial Balancing Rule
     task.
  2. As you complete the task, consider:
    Option Description
    Worktag Type
    Worktag types are groupings of worktags by a business dimension: Cost center, business unit, region, fund, and custom organization. Select the type to use to balance journals for transactions subject to this rule.
    Your choice determines the worktags available for selection within this balancing rule.
    Your tenant can use only 1 balancing worktag type for all companies.
    Default Option
    The
    Default Option
     applies to all worktag values except worktags listed in the
    Balancing Worktag Offset
     grid. Select whether you want the offset transaction journal (liability or receivables) to:
    • Inherit
       the same balancing worktag as the operational transaction side (spend or revenue). The journal lines automatically balance by the balancing worktag value of the transaction.
    • Specify
       a different balancing worktag than the operational transaction side.
      Example: You can settle and receive payments for a group of funds using a single fund. To balance the journal, generate due to and due from journal lines.
    Default Value
    Select
    Specify
     to apply the balancing worktag offset to a transaction journal when there’s no matching balancing worktag on the operational transaction.
  3. Use the
    Balancing Worktag Offset
     grid to list exceptions to the default setting of the rule.
    Workday compares the balancing worktag on the operational transaction to the worktags specified in the grid. On first match, Workday uses the balancing
    Option
     for that row. If there’s no match, Workday applies the
    Default Option
     for the rule.
    Option Description
    Worktags
    Select one or more worktags or worktag hierarchies that:
    • Are exceptions to the default of the rule.
    • Share the same balancing option and offset balancing worktag.
    Option
    Select whether you want the offset transaction journal to:
    • Inherit
      the worktag from the operational transaction side.
    • Specify
       a different worktag value.
      Example:
      Specify
       enables you to settle and receive payments for a group of funds using a single fund.
    Offset Balancing Worktag
    If you selected
    Specify
    , select the worktag that you want to apply to the offset side.
You can use the rules for a given worktag type to build rules sets. These rule sets define which rule to use for each of the various types of transactions subject to worktag balancing.
Review the
View Financial Balancing Rule
 report to confirm the rules that you have set up to balance financial transactions by worktag in addition to company.
Set up a rule for supplier invoices where all cost centers use the
Inherit
option except
Cost Center A
 and
Cost Center B
. Use the
Specify
 option for
Cost Center A
 and
Cost Center B
. Also, indicate that
Cost Center Z
 is the worktag balancing offset. In this case,
Cost Center Z
 settles payment for the other 2 cost centers provided that you associate the rule to supplier invoices in the worktag balancing transaction rule set.
  • (
    Payroll implementations
    ) Create a payroll balancing rule to associate a balancing worktag with the deductions and net accumulation portions of gross-to-net payroll.
  • Define a worktag balancing transaction rule set.