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Administrator Guide
Last Updated: 2023-06-23
Concept: Workday Revenue

Concept: Workday Revenue

Workday Revenue helps you manage all aspects of revenue from customer creation to sales. Workday Revenue works with your CRM solution to complete the opportunity-to-cash business process, including:
  • Creating customers.
  • Recording customer contracts.
  • Billing and invoicing.
  • Account receivables and cash receipts.
  • Recognizing revenue.
  • Providing customer and revenue analytics.
When you sell items to your customers, you can use Workday to:
  • Manage the invoices and sales terms.
  • Record customer payments and cash sales.
  • Make deposits.
  • Record invoice adjustments.
  • Write off bad debt.
  • Place overpayment balances on account.
  • Create refunds for invoice adjustments and on account balances.
You can track and analyze your customer account data anytime throughout the cycle. Fundamental integration points give you further flexibility to manage customer revenue.

Create Customers

You can:
  • Create customers in Workday to manage your customer accounts.
  • Enable suppliers, financial institutions, and tax authorities that you've already configured in Workday to be customers.
  • Use the Financial Management Connector for Salesforce integration to generate customer requests automatically in Workday and route the requests to administrators for approval.

Create Customer Invoices

To record your sales and create receivables, you can use customer invoices. Triggers for invoice creation include:
  • The shipment of physical goods.
  • The delivery of services.
  • The billing schedule for an ongoing project, subscription, or membership.
You can print invoices to send to customers as necessary. Unpaid invoices for credit card and direct debit become available for selection in Workday settlement processing.

Retention for Customer Invoices

You can:
  • Withhold a portion of a customer invoice, enabling you to use billing schedules for retention tracking, and reducing manual entry errors.
  • Post the accounting for the retained amounts from invoices to different ledger accounts using a new posting rule.
  • Support multiple types of billing schedules, including transaction and installment billing.
  • Release all or a portion of the retention balances by contract line for invoicing, when your contract meets the requirements.

Record Payments

The flow of customer payments depends on the payment type.
For customers with accounts in Workday to pay by credit card or direct debit, the unpaid invoices become inbound transactions that you can pay with a settlement run. As part of settlements, you can authorize and capture credit card payments through the CyberSource integration. The settlement run also generates and sends an ACH file to your bank for direct debit payments.
For customers using check, cash, or manual payment methods, you can record the customer payment transaction. Then you can deposit the customer payment transaction either as part of the payment recording, or later. You can also record an ad hoc credit card payment, but you must then capture the payment through a settlement run.

On Account Balances

If a customer overpays, you can keep the extra money on-account. You can then apply this balance to subsequent invoices, or create a refund.

Create Refunds

You can issue refunds to customers for invoice adjustments where you owe them money, and for on-account balances.

Deposit Payments

You can select which payments to deposit for a company, and deposit into specific bank accounts. Customer payments available for deposit can come from:
  • Cash sales.
  • Check, cash, or manual payments that you record.
  • Credit card and direct debit payments that you complete through Workday settlement processing.

Integrations

Workday Revenue includes these integrations to load data from third parties:
  • Financial Management Connector for Salesforce: Enables you to:
    • Import selected sales data from your Salesforce.com tenant into Workday.
    • Display Workday customer activity data in Salesforce tenant.
    When you convert an opportunity into an account, the connector syncs the account to a Customer in Workday so that you can view the Workday transactions in Salesforce tenant. If there's a billing schedule attached to the opportunity, Workday can create invoices according to that schedule.
  • CyberSource: Enables you to authorize and capture credit card payments in Workday. When you create customers in Workday, you can send data for customer credit cards to CyberSource. You then receive a secure token to mask credit card information for that customer. Workday uses these secure tokens when you settle credit card payments in Workday Cash Management.
  • Electronic Invoice Connector: Enables you to create custom configuration so that you can send invoice data electronically to external entities in XML format to meet local government requirements. You can also receive acknowledgments sent back by external entities.
  • Customer Payment Lockbox: Enables you to import Bank Administration Institute (BAI) lockbox data into Workday-defined file format. The file includes multiple types of records. Some records include subrecords.