get ready for workday update 32 the finance and payroll ...€¦ · invoice adjustment lines,...

Get Ready for Workday Update 32The Finance and Payroll Overview

Danielle Lee

Consultant - Finance

Core Financials

Core Financials

4.Payroll

Intercompany

Accounting

3.Reset Currency

Conversion

Rates

1.Adaptive

Insights

Integration

2.Journal Line

Numbers

Adaptive Insights Integration

Workday 32 introduces the first of a multi-phase effort

that will enable you to integrate Adaptive Insights

headcount and financials planning and advanced

modeling into Workday.

NB: This is an opt-in feature and professional

services setup is required.

1

Journal Line Numbers

• With Workday 32, line numbers will be provided for all

journal lines to help you meet statutory requirements

around tax auditing for different countries.

NB: This feature will be automatically available.

2

Reset Currency Conversion Rates

• Workday 32 will enable you to automatically

recalculate journal line amounts after a change in the

currency conversion rates. This will provide more

efficiency and accuracy when multicurrency journals

are created, copied, or edited.


3

Payroll Intercompany Accounting

• Workday 32 will introduce intercompany accounting to

enable you to charge payroll expenses to multiple

companies.

NB: This is an opt-in feature and setup is required.

4

Tax3.Electronic Value

Added Tax

Returns for UK

1.Effective Date on

Transaction and

Withholding Tax

Rates

2.Self-Assess Tax

at Line Level

Effective Date on Transaction and Withholding Tax Rates

• With Workday 32, an effective date will be specified

on transaction and withholding tax rates

NB: This feature will be automatically available.1

Self-Assess Tax at Line Level

• Workday 32 will enable you to self-assess a portion of

the tax on individual transaction lines, providing

additional configuration options on tax rates at the line

level.


2

Electronic Value Added Tax Returns for UK

• Workday 32 will expand the tax declaration framework

for the UK by mapping the values from the tax

declaration definitions to the VAT 100 format.


3

Revenue & Customer Accounts

Revenue and Customer Accounts

1.Restrict

Customers by

Company

2.Print

Attachments

with Customer

Invoices

3.Customer

Lockbox

Payment

Integration

Restrict Customers by Company

• In Workday 32, customers can now be restricted by

selected companies to improve transaction processing.


1

Print Attachments with Customer Invoices

• Workday 32 allows attachments to be included from

an expense transaction and customer invoice

document on 1 PDF file for easier printing and

emailing.


2

Customer Lockbox Payment Integration

• Workday 32 introduces improvements to payment

applications using the Customer Lockbox Payment

integration. This feature enables payments to be

automatically recorded that reference invoices from

multiple bill-to customers.


3

Projects

Projects 1.Ad Hoc Project

Transactions for

Spend

2.Exclude Non-

Billable Time for

Revenue Project

Budgets

3.Flexible Labor

Costing

4.Configurable

Labor Cost

Capitalization

5.Standard Billing

Rate Sheet for

Project Budgets

Ad Hoc Project Transactions for Spend

• With Workday 32, ad hoc project spend transactions can

be created and viewed.


1

Exclude Nonbillable Time for Revenue Project Budgets

• Workday 32 will exclude nonbillable time transactions

from the calculations of revenue project budget

calculations.


2

Flexible LaborCosting

• Workday 32 will allow multiple companies to be

included on a single rate sheet, and budgeting by

worker and role.


3

Configurable Labor Cost Capitalization

• With Workday 32, you’ll be able to capitalize standard

cost and fully burdened cost amounts from time

transactions for capital projects.


4

Standard Billing Rate Sheet for Project Budgets

• With Workday 32, revenue project budgets can be

created with contract lines that use the standard

billing rate sheet.


5

Jamie O’Reilly

Consultant - Finance

Banking & Settlement

Banking & SettlementDiscussion Points

1.Cash Forcasting

with

Worksheets.

2.Bank Account

Creation.

3.Matching Rule

Sets for Multiple

Bank Statement

Automatic

Reconciliation.

4.Suggestion

Rules for

Matching Rule

Sets.

Cash Forcastingwith Worksheets

• With Workday 32, we'll enable you to leverage

Worksheets to model and generate cash forecast data

for viewing in cash forecast reports and dashboards.

You'll also be able to utilize Worksheet functionality to

prepare your cash forecast data with greater

efficiency.

• NB: This is an opt-in feature & setup is required

1

Bank Account Creation

• Workday 32 will enable you to use bank and branch

records to help users create worker and settlement

bank accounts. This will ensure better accuracy in

bank payment information and reduce manual entry.

NB: This is an opt-in feature & setup is required

2

Matching Rule Sets for Multiple Bank Statement Automatic Reconciliation

• We will improve automatic bank statement

reconciliation to increase automation and decrease

manual errors. We'll enable you to include matching

rule sets when you run or schedule automatic multiple

bank statement reconciliation. You will also be able to

launch single or multiple bank statement

reconciliations from a single location.

NB: This is automatically available.

3

SuggestionRules for Matching Rule Sets

• We'll update matching rules to support suggestions for

automatic 1-to-1 bank statement reconciliations,

helping to reduce manual effort and streamlining bank

statement reconciliations.


4

Procurement & Supplier Accounts

Procurement and Supplier AccountsDiscussion Points

1.Configure

Default Supplier

Spend

Categories and

Worktags.

4.Suppliers and

Units of Measure

for Purchase

Items.

2.Multiple

Companies on

Requisitions.

3.Match Supplier

invoice

Adjustments.

Configure Default Supplier Spend Categories and Worktags

• Workday 32 will deliver the ability to configure default

spend categories and worktags for non-purchase

order invoice lines based on the supplier, reducing

manual effort and improving data accuracy.


1

Multiple Companies on Requisitions

• With Workday 32, you will be able to create consolidated

requisitions with lines containing multiple companies.

• This will save you time during reconciliation and reduce

the number of requisitions you need to complete.


2

MatchSupplier Invoice Adjustments

• You'll be able to link transaction lines to supplier

invoice adjustment lines, enabling Workday to

populate line information for you.

• Workday will also update your commitments and

obligations when you match credit returns on supplier

invoices with the original purchase documents,

eliminating the need to track adjustments outside of

Workday.

• NB: Automatically available

3

Suppliers and Units of Measure for Purchase Items

• With Workday 32, you'll be able to enter the same units

of measure (UOMs) for ordering, issuing, and stocking

on your purchase items. You'll also be able to define

supplier information without catalog loads on your

purchase items. This will save you time and effort when

maintaining items for procurement and inventory.

NB: This feature is automatically available

4

Expenses

Expenses

Discussion Points

1.Configurable

Expense Item

Attributes

2.Receipt

Scanning for

Mobile

3.Central Travel

Cards

4.Corporate

Expense Credit

Card Accounting

and Settlement.

Configurable Expense Item Attributes

• With Workday 32, you'll be able to define and customize

expense item attributes. This will enable you to capture

more detail on expense reports and spend authorizations,

such as for tax compliance.


1

Receipt Scanning for Mobile

• You'll be able to scan receipts for the Merchant attribute so

you can quickly report expenses through Workday on

Android, iPad, and iPhone.


2

Central Travel Cards

• With Workday 32, Workday will update the Visa and

MasterCard integrations to support central travel cards and

automatically assign central travel card transactions to

workers for expense inclusion. This will enable you to

efficiently track and analyze travel spend so that you can

improve policy decisions, negotiate better travel rates, and

optimize your cash flow.


3

Corporate Expense Credit Card Accounting and Settlement

• Workday 32 will enable you to configure your corporate

expense credit card account to record credit card

transaction liability and generate its accounting based on

the company. This will expand the accounting and

settlement process so you can settle transactions between

companies and pay credit card companies before workers

include transactions on expense reports.


4

Cathryn Boyle

Lead Consultant - Payroll

Payroll

Experience and Engagement

1.Employee Self

Service for

Voluntary

Deductions

2.Maternity Pay

Schedule

Employee Self Service Voluntary Deductions

• With WD32, voluntary deductions via self service

will now be introduced.


1

Maternity Pay Schedule

• With Workday 32, payroll users will be able to run

report on demand and extract results into predefined

schedule.


2

Operational Excellence

2.Company

Costing for

Payroll

1.Smart Payroll

Audit – Phase 1

3.Retro –

Unsupported

Events

4.Multiple On

Demand

Replacements

5.Holiday Pay

Enhancements

Smart Payroll Audit – Phase 1

• Workday 32 will deliver new reports for increased

visibility and control over the payroll audit process


1

Company Costing for Payroll

• Workday 32 will enable you to charge payroll

expenses to multiple companies.

• NB: This is an opt-in feature and setup is required

2

Unsupported Retro Events –Phase 1

• With Workday 32 retro will support Retro terminations,

suspend retro results and support retro differences

from other pay groups and companies.


3

Multiple On Demand Replacements

• With Workday 32 you will be able to process and pay

workers several times in the same pay period through

on demand replacement.

NB: Automatically available

4

Holiday Pay Enhancements

• Workday 32 will deliver additional configuration

options to reduce manual processing as well as

deployment costs.


5

Compliance and Risk

3.RTI EYU

4.2019/20

Compliance

1.Puerto Rico –

Year End Tax

Documents in

ESS

2.IWO Issue Verses

Work

Puerto Rico –

Year End Tax

Documents in

ESS

• With Workday 32 Puerto Rican workers’ will now be

able to view/print their year end documentation.


1

IWO Issue verses

Work

• With Workday 32 customers will be able to accept

either Workday default rule or override for certain

types of withholding orders.


2

RTI EYU

• Workday 32 will automate how you amend your

worker's tax details after the year ends with Earlier

Year Updates (EYU) and how you submit them to HM

Revenue and Customs (HMRC).


3

2019/20 Compliance

• Workday 32 will introduce the functionality for the new

tax year.4

Thank You / Q&A