FAQ: Customer Contracts
- How do I create multiple revenue recognition schedules for parent linked contracts?
- Select from the related actions menu of a parent linked customer contract.
- Can I use the same Administrative Fee for multiple line types or contracts?
- Yes. Access theMaintain Contract Line Feestask to create your fee. You can add it to your Project Time and Expense contract lines. You can add the fee to other contracts as well.
- How do I search for and update external alternate contracts only?
- View theManage Alternate Customer Contractreport.
- How do I create alternate contracts without loading the originating contracts in Workday?
- Access theCreate Standalone Alternate Contracttask to create alternate contracts and then generate revenue installments and alternate revenue.
- How do I create a revenue recognition schedule with installments for future-dated contracts?
- Create ledger periods for the latest period that your installments require before loading your revenue recognition schedule.
- How do I load revenue recognition schedules and select specific installments to be available for accounting?
- Use the Enterprise Interface Builder (EIB) with the Submit Revenue Recognition Schedule web service. Specify anAvailableinstallment status for all installments that you want available for accounting, andClosedfor all others.
- Under Accounting Standards Codification (ASC) Topic 606 and International Financial Reporting Standard (IFRS) 15, how does Workday handle deferred cost?
- Workday enables you to create Deferred Cost Schedules and related installments. You can also use the deferred cost account posting rules in theView Account Posting Rule Setreport. These rules help you manage your deferred assets and amortized expenses and post the related journal entries.
- If I amend my customer contracts, do I need to update my billing and revenue schedules manually?
- You can automatically regenerate your installments, and submit your schedule as part of your billing and revenue scheduleAmendment Processingsections.