Financials Flashcards
True or False? Custom Validation rules can be written to generate an error or warning when data is not present under a specific circumstance. (i.e. When creating a Supplier Invoice for WOK a custom org is required)?
True
The first and most important step in developing a custom report is choosing a _________________.
Report Data Source
Composite and matrix reports are both examples of what type of report?
Custom Reports
True or False: A Period Close Checklist can include tasks to be completed within Workday as well as tasks to be completed outside of Workday.
True
True or False: Workday allows you to have multiple ledger periods open at the same time
True
True or False: Workday has separate settlement engines for receivables and payables?
False
Which security group can settle both supplier invoices and customer refunds?
Settlement Specialist
True or False: A Workday customer must be set up as a supplier before they can be refunded following an adjustment or overpayment.
False
Customer deposits can be made by which of the following methods?
A. Record the deposit of the customer payment at the same time as you record the payment.
B. Customer deposits are made as separate task after the customer payment is recorded.
C. Both methods are correct.
C
True or False: The Fix Operational Journals with Errors task can be run by the Accounting Manager at period end to determine if there were any posting errors that occurred in the period.
True
True or False: A cost center worktag must be indicated on the customer invoice line only and not the header.
False
Which of the following security roles will allow a user to enter customer transactions, such as invoices and customer payments?
A. Accounts Receivable Specialist
B. Accounts Receivable Analyst
A
A ___________ must be setup to ensure a worktag is entered on every customer invoice when a specific revenue category used
Custom Validation
True or False: Customer groups are required setup to be used for reporting and searching the customer base.
False
Which journal statuses are missing from the list below?
- A. _________
- B. _________
- C. In Progress
- D. Unposted
- E. Canceled
Created and Posted
True or False: There are two types of journals: Accounting journals and Operational journals.
True
Fill in the four steps for completing an EIB in the table below. Step 1. Step 2. Step 3. Step 4.
Create EIB, Generate Spreadsheet, Populate Spreadsheet with data, Launch
What report tells you who can do what?
A. Segregation of Duties - Potential Conflicts
B. Action Summary for Security Group
C. View Security for Securable Item
D. Business Process Security Policies for Functional Area
C
Where can you specify who has permission to cancel a business process? A. Domain security policy B. Business process definition C. Functional area D. Business process security policy
D
Before you can begin creating and posting financial transactions you need to set up financial accounting details for each company. Put the following tasks in order for completing the financial accounting setup. 1\_\_\_ Create Ledger 2\_\_\_ Edit Company Accounting Details 3\_\_\_ Maintain Ledger Period 4\_\_\_ Create Ledger Year and Periods
2 1 4 3
Which of the following is not a part of maintaining Company Accounting Details? A. Assign Company Currency B. Assign Company Account Set C. Assign Account Posting Rules D. Open Ledger Year and Ledger Periods
D
A ____________ is a set of tasks that is initiated, acted upon, and completed by users in Workday.
A. Business Process
B. Functional Area
C. Supplier Invoice
A
Which of the following describes a domain? (Select all correct answers.) A. Setup Data B. Power Users C. Static Data D. Highly Configurable
All except D
True or False: The security role to create and maintain supplier invoices is named Accounts Payable Analyst.
False
True or False: Supplier invoices can be managed after the invoice has been submitted.
True
Spend categories are used to classify assets, expense items, purchase items, and supplier catalog items. After spend categories are created, their usage can be defined for all of the following except: A. Ad Hoc Payment B. Expense C. Journal Lines D. Procurement E. Supplier Invoice
C
True or False: Both Supplier Category and Supplier Group can be used as dimensions in the Account Posting Rules to drive account postings.
True
Which one of these is NOT a delivered costing organization
a. Cost Center
b. Company
c. Fund
d. Supervisory Org
D
What Methods can be used to get to the home page?
a. Home Icon, Search Bar
b. Workday Icon, Profile
c. Home Icon, Favorites
d. Home Icon, Site Map
B
Which one of these values would not work in search to find a supplier invoices? a Sup Inv b Supplier Inv c Suppleir inv d Supp invoices
C
Where do pending actions show up? a Inbox b Notifications c Your To Do List d My Reports
A
Which one of these is not a role-based security group a Financial Administrator b Accounting Manager c Accountant d Controller
A
What value below is NOT a factor to consider for cost center? a Budget b Manager c Financial Impact d Custom Organization
D
Which statement below is false? a Custom Worktags have security b Custom Worktags do not have security c Custom Worktags do not have hierarchies d Custom Worktags do not have any roles?
A
How many custom organizations can be in a tenant? a 8 b 15 c 12 d 10
D
Which area do we not share Custom Worktags with? a Payroll b Expense c HCM d Time Tracking
B
How many custom worktags can be in a tenant? a 5 b 10 c 15 d What's a custom worktag?
C
Can you roll a cost center into a company hierarchy? a No b Yes, you can do anything you want c Sometimes d I don't know
A
Can you create transactions on a company hierarchy?
a Yes
b No
c if you configure the system to do it, you can
d I don’t know
B
What is the default balancing segment in Workday Financials? a Cost Center b Pay Group c Company d Supervisory Organization
C
Worktags can be used for these three areas. What are they?
a Reporting, Drive Acounting, Business Processes
b Reporting, Drive Acounting, Domains
c Drive Accounting, Business Process, Functional Areas
d Business Process, Domains, Functional Areas
A
Which one of these is NOT a role for companies? a Cost Center Manager b Controller c Accountant d Company Costing Manager
A
What is the first thing you are prompted for before making changes to any organization? a Enter Reorganization b Enter Effective Date c Enter Availability Date d Enter Company Name
A
What is not a characteristic of domain a Setup Data b Power User c Workflow d Static Data
C
What is NOT a characteristic of Role Based Security Group a Assigned to the User b Assigned to the Position c End User d Dynamic Based on Position
A
What default role is used to manage and open periods? a Accounting Manager b Controller c Finance Administrator d Company Costing Manager
A
Why Does Workday recommend a parent child account set?
a Its Cool
b Flexibility for LedgerAccount Redesigns
c It is required
d Every Child needs a parent
B
Does Workday support a 13th Period? a No b Yes c if configured in the tenant, they yes d isn't 12 periods enough?
A
When Considering account posting rule dimensions, what statment is true?
a Dimensions are read as OR
b Dimensions can be configure to be read as AND or OR
c Dimensions are read as AND
d Dimensions are on to one relationship with Ledger Accounts
C
When considering account posting rule values, what statement is true?
a Values are read as AND and OR
b Values are read as OR
c Values are read is AND
d Values are one to one relationship with Ledger Accounts
B
Accounting Journals will call posting rules for all of the following except a Intercompany b Currency Gain and Loss c Spend d Retained Earnings
c
What does EIB Stand for? a Enterprise Integration Builder b Enterprise Interface Builder c Enterprise Intelligence Builder d it all looks the same to me
b
How many supplier categories can you have per supplier? a 0 b 1 c 2 d Limitless
b
Which statement below is FALSE about suppliers?
a Supplier Groups are required by default
b Supplier Groups are optional
c Supplier Groups are way to organize my data
d 1 Could have 100 Supplier groups if needed
a
Why would you use caution when using purchase items groups in account posting rules?
a Because posting rules are fun and flexible
b Because you don’t have security
c Because they are optional
d Because they are required
c
Which statement below is false regarding the Maintain Worktag Usage data integrity tool a Applied tenant wide b Applied on the transaction c Applied based on specified condition d What Maintain Worktag Usage
c
Spend Categories have all of the following except a Required on transactions b Only one per transaction line c Used in searching and reporting d Not required anywhere
d
What is not a characteristic of Workday’s settlement engine?
a It is a single settlement engine
b Supports multiple payment methods
c Workday provides a Settlement Dashboard
d It is not tied to a business process
d
A journal is in a cancelled status, what is the only thing you can do to it? a Edit b Copy c Delete d Deny
b
Can you make supplier and expense payments from Petty Cash?
a No
b Yes
b
Are there bank routing rules for a Petty Cash Account?
a Yes
b No
b
Does Customer Invoice Adjustment - Create a new transaction?
a Yes
b No
a
Does a Customer Invoice Adjustment have to tied to an existing Customer Invoice?
a Yes
b No
b
What must be completed before a refund can be processed? a Create Customer Deposit b Record Customer Deposit c Maintain Customer Deposit d Add Customer Deposit
a
When should you activate Pending Security Policy Change for a new security group?
a Immediately
b When a BP Security Policy is changed only
c When a domain security policy is changed only
d When both Domain and BP Security Policy is changed
d
What are the two types of data integrity a Maintain Worktags b Maintain Custom Validation c Maintain Related Worktag Usage d Maintain Validations
b or c
What account posting rule will need be setup by Payroll - even if financials is not in scope? a Retained Earnings b Customer on Account c Recievable Write-off d Multi-book settlement
a
For which items do you need to update the reference ID?
- Company (and company hierarchy)
- Cost Centre (and cost center hierarchy)
- Custom Worktag
- Custom Org (and custom org hierarchy)
Can you add a domain to a functional area?
No
Can you add new BP to a functional area?
No
What is the user based security with regards to integration?
Can view or modify and get and put (integration)
Which 3 rules defines a cost centre?
Budget responsibility, financial impact, cost centre manager
Can you record transactions at a company hierarch level?
No. No transactions at company hierarchy
Can you roll a cost center into a company hierarchy?
No. Cost centers roll into the cost center hierarchy only.
What can a custom worktag not do?
Assign workers, hierarchy, no security – you need to create a custom org instead
What is defaulted worktags?
Ones that Workday automatically assigns to specific transactions based on the worker creating the transaction
Workday has how many custom worktags?
15 custom worktag – shared across Payroll, Timetracking, HCM, Financials
Who can open the accounting period (out of the box)?
Accounting Manager only
What can you not change once you have recorded transactions against it? 3Cs?
Currency
• CoA – Account Set
• Calendar / Fiscal Schedule
Does accrual journal drive reversal?
No, label only
What are the two ways spend category can get onto supplier invoice?
Purchase item or manually input (required item)
When you set up the purchase item, what are the two mandatory field?
Purchase item name / description and spend category
Is recommended to use spend hierarchy to not be required to update accounting rules?
No
Why do you need to pay attention when using purchase item group?
Because it’s optional
How many primary work tag can be assigned?
10
What is a BP? Creating a customer or creating a supplier ?
Both
When you unpost a journal, does it create a new journal number?
No new journal number is created. If you copy, it is a new journal number.
Can we make a payment from the petty cash account?
YES, but no bank routing rules are required.
Are there bank routing rules for petty cash account?
No
If an operational journal gets an error, has the operational transactional been still completed?
YES
Can an organisation be used as a Worktag?
YES
Can a Worktag be used as an Organization?
No, Worktags have no dependents or parents
Do organisation hierarchies store transactions?
No
Which is the only transaction in Workday which can bypass APR?
Create ad hoc bank transaction – this is the only option in Workday to put in revenue /spend category OR ledger account (can impact ledger DIRECTLY) – can bypass APR because we put in ledger directly.
What is a Domain?
Pre-defined set of related securable items
Which of the following describes a domain?
Setup Data, Power Users and Highly Configurable
This type of security group limits what values user have access to within those tasks.
segment based security
Are there different security groups for reports?
Yes. Report Writer (Owner) and Report Administrator
What is security, hierarchy allowed and worker assignments?
These are key difference between custom worktag and custom org
What is user based security?
This Security is assigned to a specific workday account, not a role or position
This organization represents a legal entity
Company
This role can inactivate an organization
Partner Reorganization/Owner
This type of organization allows for inheriting security, searching, reporting, and can be used in account posting rules
Organization hierarchy
Customer and Purchase Item are this type of Worktag
Delivered Worktag
What task must be completed after you make a change made to a security policy
activate pending security changes
This report lists the solutions, domains and business process in each area
Functional Areas report
This Security Group is assigned to a specific worker, not a role or position
User based Security Group
This is where you would look to see if a particular security group could perform action steps in a business process
The Business Process Policy:
(a) The policy allows a security group to perform certain BP actions
(b) The BP itself allows specific security groups to specific actions in specific steps
Assigning due dates to a task step does this if the task becomes past due
Nothing
This type of business process step allows users to edit some fields on the notification
Action
Name three options an Approver has in an Approval step of a business process
Approve, Deny, Rescind, Cancel, Send Back
This is the result if the business process indicates that the transaction has to be approved by a Cost Center Manager but a Cost Center Worktag was not entered on the transaction
Unassigned task
These are the three reasons to enforce Worktags through Maintain Worktag Usage or Custom Validations
Accounting, Reporting, or Business Process Routing
This account posting rule will need to be set up by payroll even if financials is not in scope
Retained earnings
This type of “Bank Account” cannot be used in routing rules but can be used to make supplier and expense payments
Petty Cash bank account
This is the default date a reversing journal will have unless you change it
First day of the next period
These are the account posting rules, when a customer payment will use if they took a 2% discount,
paid nothing more than they owed, and the deposit wasn’t created with the payment
Undeposited Payments, Discounts Given, Receivables, Retained Earnings
Where can you specify who has permission to cancel a business process?
Business Process Security Policy
Where will help text configured on a business process template appear?
all business process definitions of that type
What is the primary driver of the FDM structure?
Financial Reporting
Which reports are displayed by the Workday Standard Reports?
All Workday Delivered Reports, regardless of access
What is determined by selecting the data source for a report?
PBO, Starting Data set
What is the Implementation Sequence?
Organization Accounting Information Worktags Business Processes Security Banking Asset Tracking
Which of the following best describes a Domain?
A.Setup Data
B.Power Users
C.Static Data
A ______ is a set of Tasks that are initiated, acted upon, and completed by users in Workday
Business Process
List three guidelines for custom organization vs custom worktags
A. Assign Workers
B. Assign Security
C. Create Hierarchy
What happens to a transaction if theres isn’t a condition match and no default ledger account is set up on account posting rule
If no conditions match and default ledger account set up. Flagged as an eror
Both Supplier category and supplier groups can be used as dimensions in the account posting rules to drive account postings
True but not recommended as they are not required and each supplier can have multiple supplier groups
Security role to create and maintain supplier invoices is named account payable analyst
FALSE
What is required for each company to automatically control which bank accounts the settlement process uses to route payments initiated in Workday
Bank Routing Rules
what task would you use to pay a supplier that does not exist in the Workday system.
Ad Hoc payment
Customer groups are required setup to be used for reporting and searching the customer base
False
What must be setup to ensure a worktag is entered on every customer invoice when a specific revenue category is used
Custom Validation
Customer deposits can be made by which of the following methods
Both
A. Record the customer deposit and payment at the same time
B. Customer deposits and payments are handled as separate tasks
Workday customer must be setup as a supplier before they can be refunded following an adjustment or overpayment
FALSE
It is not recommended that the spend account posting rule use a default ledger account
TRUE
Composite and matrix reports are both examples of what type of report?
Custom Reports
A first and most important step in developing a custom report
Choosing a Report Data Source
Unassigned tasks are routed to which security role to properly assign the taks
Business Process Administrator
The Fix Operational Journals with Errors task can be run by the accounting manager at period end to determine if there were any posting errors that occurred in the period
TRUE
After you close a ledger year, it is no longer available for processing but available for reporting
TRUE
this type of security group limits what values user have access to within that task
segment based
I have entered a supplier invoice with today’s date but the period has already been closed so my operation journals will be posted where?
1st date of the next open period. If no open period will get an error
this type of business process step allows users to edit some fields on the notification
Action
Which reports are displayed by the Workday Standard Reports report?
All reports in the tenant.
To determine the consolidated results, amounts for the individual affiliated companies are added together?
TRUE
Workday does not deliver translations of the user interface in many languages
FALSE
Which one of these is NOT a delivered costing organization?
Supervisory Organization
What methods can be used to get to the home page?
Workday Icon, Profile
Custom Worktags have security?
FALSE
Which area do we not share Custom Worktags with?
Expense
What “Visibility” is not an option in Workday when creating a company
Administrator Only
Cost Center Manager is NOT a role for companies?
TRUE
What is the characteristic of a domain?
Workflow
What is not a characteristic of Workday’s settlement engine?
It is not tied to a business process
A journal is in cancelled status, what is the only thing you can do to it?
Copy
True or False: EIB needs to be downloaded in order for you to use?
FALSE
Where can you run reports in workday?
Home Page or From Favorite Page
User can override their preferred landing page in their?
Change Preferences Task
What is a functional area?
a grouping of task, reports, and objects; a collection of related securable items, where each functional area is further divided into domains and business process.
What is a Business Process?
is the definition of tasks that need to be done for an event to occur, the order in which they must be completed, and who must do them.
What are Security Group Types?
Workday-delivered and describe how security is assigned to users
What is a Business Process definition?
specifies the security group responsible for each step in the process, notifies the workers in these groups and gets feedback on when each step is complete so it can move on to the next step.
What are Role-based security Groups?
these are commonly used to identify users in key support or leadership roles supporting different organizations
What is FDM?
Foundation Data Model. The FDM is the multidimensional structure of Workday accounting and financial reporting.
