Customer Receipts
Overview
Receivables balances and details are always available in context wherever customer appears within Workday, and also via delivered or customer-created reports. Intuitive tools are available to apply cash. Workday unifies receivables processing with settlement for processing direct debits and customer refunds.
Objectives
By the end of this chapter, you will be familiar with the following:
- Identify the required security groups to process customer receipts.
- Record and apply a customer payment with a shortage and write off amount and review the accounting.
- Record and apply a customer payment with an overage then place the overage on-account where you can refund it or apply it to another invoice.
- Create customer deposit customer payments and review the accounting.
Security Policies
As you deploy Workday, you will configure security policies to ensure the appropriate security groups have the right permissions. Covered in this chapter are the following security groups, domains, and business processes.
SECURITY GROUPS:
- Accounting Manager:This role-based security group can view reports and create transactions for accounting journals for analysis and reporting and open/close ledger periods and years for assigned organizations.
- Accounts Receivable Specialist: This role-based security group can perform most of the transactions performed within Revenue Management, including: customer invoice, customer adjustments, and customer payments. Assign this role at the company or company hierarchy level.
- Accounts Receivable Analyst: Use this role-based security group to view reports and transactions related to customer accounts for analysis and reporting. Assign this role at the company or company hierarchy level.
- Customer Payment Specialist:Perform accounts receivable data entry functions for assigned organizations. Examples include creating customer payments, invoice adjustments and write offs. This role can also have approval authority for customer accounts, payments, and settlement business processes.
- Customer Deposit Specialist:Perform accounts receivable data entry functions for assigned organizations. Examples include creating customer bank deposits and other types of customer deposits. This role can also have approval authority for customer accounts, payments, and settlement business processes.
- Customer Refund Specialist:Perform accounts receivable settlement functions for assigned organizations. Examples include settling refunds. This role can also have approval authority for customer accounts, payments, and settlement business processes.
Domains
Topic | Functional Area | Domain |
|---|---|---|
Customer Payments | Customer Accounts | Process: Customer Invoice Payment Process: Customer Invoice Payment/Settlement Process: Customer Payment Process: Customer Refund Settlement Process: Customer Refund/Payment Process: Customer Write-off |
Deposits | Customer Accounts | Process: Customer Deposit |
Fix Operational Journals with Errors | Financial Accounting | Process: Audits and Corrections |
Business Processes
- Bad Debt Write-off Event
- Customer Deposit Event
- Customer Payment Application Event
- Customer Refund Event
Customer Account Management
Record Customer Payment
Record a customer payment and apply it to invoices. There are two methods of recording a customer deposit:
- The first method is to record the deposit of the customer payment at the same time as you record the payment. Do this task by checking the Record Deposit box and selecting the appropriate bank account. You would use this method when a customer payment is the only item in a bank deposit.
- The second method is to record the deposit as part of a different task. You would select that method when you want to include multiple customer payments in one bank deposit.
Deposit Customer Payment
Workday enables you to record, track, and report on all customer payments deposited into a financial account. You can select the specific payments to deposit, the account to use, and other deposit information such as the amount, reference, date, and currency rate type.
Lockbox
When companies use a lockbox, their lockbox provider checks the lockbox on a regular basis and deposits payments to the bank account associated with the lockbox.
If you use a lockbox to receive customer payments, you can enter your lockbox contact information. Workday will print it on customer invoices advising customers where to send their payments.
Customer Refund
Workday enables you to process and record a customer refund. This process provides you with a means to refund a customer following an adjustment or overpayment without having to set up the customer as a supplier.
This transaction is necessary to identify which customer items we want to refund. Once Workday completes this step, the transaction completes in your settlement run.
Write Off Bad Debt
If your company has a receivable the customer is unwilling or unable to pay, you can write off the noncollectable amount as an expense. You can create write-offs for customer invoices or invoice adjustments.
Cash Sales
Use cash sales to record a sale and payment as a single transaction, and unlike a customer invoice, there is no accounts receivable. Despite the name, you can use payment methods other than cash.
Operational Journals in Error
You can cancel, change, copy, or create adjustments for operational transactions. Operational transactions are separate from the accounting, meaning a transaction completes even if you have set up the accounts in error or Workday cannot find an open period. If a period is not open, Workday informs the user of the error during the transaction. If you enter a transaction in a closed period, Workday tries to find an open period to enter the transaction. Workday can still process the transaction.
If Workday does not find an open period or mapped account, Workday generates a transaction accounting error. An accountant can fix these errors by opening a period or updating the Account Posting Rules and using the
Fix Operational Journals
task to reprocess the accounting.The following table describes the most common types of journal errors and their resolution:
Error Type | Example | Resolution |
|---|---|---|
Ledger Period is not Open or not Created for this Operational Journal | You are generating operational journals for an upcoming date, but no ledger period exists to post them in for that date. | Access the Create Ledger Year and Ledger Periods task, and create ledger periods for the applicable Ledger and Fiscal Year Selected.Access the Update Ledger Period Status task for the company's applicable ledger period, and set the status to Open. |
You are generating operational journals for an upcoming date, but you have closed the ledger period for that date. | Access the Update Ledger Period Status task for the company's applicable ledger period, and set the status to Open. | |
There is no Account Posting Rule Set associated with the company | You have not associated the company to an account posting rule set. | Access the Edit Company Accounting Details task for the company, and assign an account posting rule set. |
For the company's account posting rule set, you have not assigned a default ledger account for all of the account posting types. For instance, your earnings account posting type is blank. | Use the View Account Posting Rule Set task to edit the account posting rule set assigned to the company. Assign a default ledger account rule that used in the transaction or create the appropriate condition rules under the posting rule. |
Customer Statements
Workday has created a highly configurable customer statement print layout functionality that allows you to customize your customer statements. Using this functionality, you will be able to:
- Define the statement type (Balance Forward or Open Item).
- Define form layout.
- Incorporate the company logo.
- Define the aging group and options for remittance.
Once you have created the layout for your company, you will be able to print customer statements. Workday provides you with various selection criteria such as: zero activity balances, balances greater than XXX, etc., when creating your statements. Like customer invoice, once generated you can print or email the statement directly to the customers. Workday enables you to schedule printing and emailing of customer statements as needed.