workday release 2021 r2 finance - hr-path.com

2021

Workday Release 2021 R2

Finance

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Presenter

Workday Consultant

Finance

© 2021 HR Path

Lamia Mezzi

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SAFE HARBOR STATEMENT

© 2021 HR Path

This presentation may contain forward looking statements for which there

are risks, uncertainties and assumptions. If risks materialize or assumptions

prove incorrect, Workday's business results could differ from the results

implied in this presentation.

Any unreleased services, features or enhancements that are not currently

available are subject to change at Workday's discretion.

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OPT-IN OR AUTOMATICALLY AVAILABLE

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Set up required/Opt-in

Automatically Available

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#1. Book-to-Bank Summary Reports

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Feature Description

Workday delivers new, simplified book-to-bank summary reports that help streamline the book-

to-bank reconciliation process. You can use the reports to easily identify discrepancies between

bank balances and ledger balances as well as strategize how to best account for and reconcile

any differences.

Date

Preview : 07/08/2021

Production : 11/09/2021

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#1. Book-to-Bank Summary Reports

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Zoom in – 1.1 Book-to-Bank Summary Reports set up

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Zoom in –1.1 Book-to-Bank Summary Reports

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#2. Customer Invoice Document Delivery Options

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Feature Description

With 2021R2, Workday delivers a new document delivery method, enabling you to configure document

delivery types for various customer documents to better suit your business needs.

This improves reporting by making it easier to identify more granular delivery types at the customer level.

It also promotes the trend towards dematerialization of invoices, which reduces costs, and potential

disputes related to late payments, facilitates regular monitoring of customer invoice processing and

simplifies VAT declarations, …

Date

Preview : 07/08/2021


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Zoom in – 2.1 Customer Invoice Document Delivery Options

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Zoom in – 2.2 Customer Invoice Document Delivery Options set up

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Zoom in – 2.3 Customer Invoice Document Delivery Options-printing view-

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#3. Split Screen on Supplier Invoices

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Feature Description

With 2021R2, Workday delivers a new supplier invoice split screen user interface, improving the

invoice entry experience for supplier invoices and invoice adjustments.

Workday displays the invoice details on the left side and the attachment image on the right side

of the screen, giving you the ability to view and change transaction invoice data as needed.

Date

Preview : 07/08/2021


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Zoom in –3.1 Split Screen on Supplier Invoices – Always expanded Option

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1 From the view prompt of Edit Tenant setup-

Financials Task, you can set up the default split

screen view preference for attachments on

supplier invoice to “Always Expanded”

If a document is attached to the invoice, it will display

automatically to the right of the supplier invoice upon

initial load. You can hide it if needed

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Zoom in –3.2 Split Screen on Supplier Invoices – Always Collapsed Option

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1 From the view prompt of Edit Tenant setup-

Financials Task, you can set up the default split

screen view preference for attachments on

supplier invoice to Always Collapsed

The attachment is found on the screen. You can

expand it as needed. However, you will not be able to

view the attachment in a split screen

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#4. Workday Assistant for Projects

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Feature Description

With this release, Workday now enables requesters to use Workday Assistant functionality to easily

retrieve project information, such as project status. This provides quick, self-service access,

saving time and effort.

Date

Preview : 07/08/2021


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Zoom in – 4.1 Workday Assistant for Projects

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#5. Configuring Transaction Tax ID Exception Rules

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Feature Description

Workday now allows to set up exception rules to override the selection of transaction tax IDs for companies,

customers and vendors on customer and vendor invoices. This reduces your workload and ensures the

accuracy of transaction tax IDs when creating customer and vendor invoices.

Transaction Tax ID Exception rules can be set up for both revenues and expenses

Date

Preview : 07/08/2021


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Zoom in – 5.1 Configuring Transaction Tax ID Exception Rules

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#6. Intelligent Customer Payment Matching

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Feature Description

With this release, Workday delivers an Intelligent Customer Payment Matching innovation service that

leverages machine learning to provide greater insight into your customer payment transactions. The new

service provides recommendations for matching customer payments to invoices and adjustments, making it

easier to research on-account payments or payments that aren't fully applied. It also provides

recommendations on how to apply payments that do not have a remittance advice, reducing time and

manual effort.

Date

Preview : 07/08/2021


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Zoom in – 6.1 Intelligent Customer Payment Matching

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Create invoices and invoice adjustments for the company

Global Services Inc and the client ABC tech.1 2re

Record payment with both applied

with on account and unapplied

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Run schedule Cash application Insights3 4Update the request Name, the company name, the

currency, the payment days and the days before

shedule for which you want to pull payment and

validate

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Once the running process is completed a

notification is received5 6 Open the notification and select « View cash

application insights » then enter the company name

and the currency and hit « OK »

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The « View cash application insights » will display the customer payment and the recommended

invoices. Once you click on « Review » on any line, you will be moving to the apply customer payment

screen

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The recommended invoices are preselected, and the recommended payment are prepopulated, the

remittance advice lines is zero and there is no remaining amount to apply. Once you submit the

payment, the cash application insights report will no longer include the line you have selected as it has

been already applied.

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#7. Receipt Accrual by Company Hierarchy

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Feature Description

With 2021R2, Workday enables you to run a receipt accrual by company hierarchy. This enables you to

initiate individual receipt accruals for each company included in a hierarchy, saving you time and manual

effort

Date

Preview : 07/08/2021


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Zoom in – 7.1 Receipt Accrual by Company Hierarchy

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• Workday now enables you to select any of these from the Company prompt on the Create Receipt

Accrual and Schedule Receipt Accrual Creation tasks, adding flexibility: (1 company, Multiple

Hierarchy, Multiple company hierarchies)

• Companies must have an open ledger period for the selected period and be part of the same fiscal

schedule.

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#8. Supplier Invoice Work Area

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Feature Description

Workday continues to build on the Supplier Invoice Work Area functionality and now enables you run

conversions between 1 or multiple supplier invoices and invoice adjustments, adding flexibility for invoice

processing. It also gives you more visibility of supplier invoice turnover days, helping you track performance.

Date

Preview : 07/08/2021


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#8. Supplier Invoice Work Area

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• Workday continues to build on the Supplier Invoice Work Area functionality and now enables you to run

conversions between 1 or multiple supplier invoices and invoice adjustments, adding flexibility for

invoice processing. We also give you more visibility of supplier invoice turnover days, helping you track

performance.

• Switch transactions from/to Supplier Invoice <-> Supplier Invoice Adjustment

• With Workday 2021 R2, we deliver a new “Convert to Supplier Invoice” related action, that you can

select from the supplier invoice adjustment, reducing manual processing. When you select the Convert

to Supplier Invoice related action, the system cancel the supplier invoice adjustment and generate a

new supplier invoice.

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#9. Supplier Invoice Automation for Worktag Recommendations

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Feature Description

Workday 2021R2 makes it easier to select spend category worktags on supplier invoice lines by providing

better machine learning predictions. This increases the efficiency of the supplier invoice process and

reduces the volume of miscategorized invoices and associated manual work.

Date

Preview : 07/08/2021


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Zoom in – 9. 1 Supplier Invoice Automation for Worktag Recommendations

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• You will not be able to preload these recommendations into the tenant. The recommendations are

based on the predictions provided by the Machine learning models in Workday. Supplier, Supplier

Category, Company, Item Description are the inputs into the model and the spend category is the

output. The maximum number of suggested worktags are 5 spend categories/ Worktags.

• At any point, if a customer does not like these recommendations and found them misleading, the

configuration can be turned off to not display the suggested worktags

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#10. Restrict Item Requisitioning by Requesting Entity

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Feature Description

You can now restrict the requisitioning of purchase items by requesting entities. This ensures that

requisitions are created for only authorized items while improving the user experience.

Date

Preview : 07/08/2021


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Zoom in – 10.1 Restrict Item Requisitioning by Requesting Entity: Option 1

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Create a list of restricted purchase items and

specify which items are in that list

Specify which requesting entities should have

access to the items in the list

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As you update or create a new purchase Items you will be able to directly restrict them to a requesting

entities.

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When you update or create a new requesting Entity, you can specify which restricted purchase Items

the entity should have access to1

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#11. Journal Insights

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Feature Description

Workday 2021R2 delivers Journal Insights, which leverages machine learning to analyze posted journal lines

for anomalous activity on an automatic and continuous basis. This helps you close accounting periods with

greater efficiency and confidence. As Journal Insights analyzes your journal lines, it identifies unusual

combinations of worktags or missing worktags on your journal lines and recommends different worktags,

helping you maintain data integrity in journal lines.

Date

Preview : 07/08/2021


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Zoom in –11.1 Journal Insights

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You can have Journal Insights configured as a

Worklet or search it on the search bar.

When the user gains first access to the journal

insights, they will be directed to a prompt

page when they can filter on areas of their

accounting. This includes prompt in field such

as company, reporting currency,…

1

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The user will be directed to the journal insights summary page which include two tabs: priority

and All. The journal lines anomalies are grouped by ledger account. To view the jounrals with

detected anomalies, click on « View X Journal Lines »

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Once the user clicks on « view journal lines », they will be directed to the « Correct and Dismiss

Journal Lines Anomalies » which displays the individual journal line details

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The current worktags are the original the user has selected in the journal lines and the

recommended worktags are the ones recommended by Workday that will bring the journal lines in

line with the historical data. If the user chooses to correct the journal they have to select the

« create journal » option

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This allows them to post a new journal line that reverses the orginal line and also to post a new

journal line with the correct worktags.

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#12. Key Performance Indicators for Project Budgets

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Feature Description

Workday delivers new Key Performance Indicators (KPIs) for project budgets, making it easier to analyze the

financial health of your project. You can now review the budget metrics for each project at a glance,

enabling you to quickly understand your finances and make decisions that improve project success.

Date

Preview : 07/08/2021


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Zoom in –12.1 Key Performance Indicators for Project Budgets

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• The user can check the Key Performance Indicators for a particular project on the below screen

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• By navigating to the financials plan, the system displays new cards of your projects which are :Labor

performance calculations/ Nonlabor performance calculations and Overall project financial health

calculations

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• You can drill down into these new cards to view:

➢ Project cost burndown charts and grids.

➢ Trending margin and project revenue charts and grids

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#13. Budget Date on Spend Authorization Lines (Expenses)

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Feature Description

With Workday 2021R2, you can now select a budget date on spend authorization lines, providing

you with the flexibility to determine which budget period the spend applies to. This eliminates

the need to wait to submit spend authorizations until the budget period starts, making it easier

to manage your planned spend and improving budgetary balance reporting.

Date

Preview : 28/05/2021


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Zoom in –13.1 Budget Date on Spend Authorization Lines

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The operating budget for the fiscal year

2020/2021 is almost consumed but we still have

budget under Other expenses category but no

enough funds for Travel

The company operating budget for 2021/2022 is

already planned and there is an available funds for

travel

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Workday Release 2021R2 Live sessions

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The Release window for 2021 Release 2 is from August 7th until September 11th. Go live is planned

for September 11th.

Thank you for your attention

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workday release 2021 r2 finance - hr-path.com

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