Get Ready for Workday Update 32 The Finance and Payroll Overview - AWS
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Get Ready for Workday Update 32 The Finance and Payroll Overview
Danielle Lee Consultant - Finance
Core Financials
Core
1. 2. 3.
Financials Adaptive Journal Line Reset Currency
Insights Numbers Conversion
Integration Rates
4.
Payroll
Intercompany
Accounting1 Workday 32 introduces the first of a multi-phase effort
that will enable you to integrate Adaptive Insights
headcount and financials planning and advanced
Adaptive modeling into Workday.
Insights NB: This is an opt-in feature and professional
Integration services setup is required.2 • With Workday 32, line numbers will be provided for all
journal lines to help you meet statutory requirements
Journal Line around tax auditing for different countries.
Numbers NB: This feature will be automatically available.3 • Workday 32 will enable you to automatically
recalculate journal line amounts after a change in the
currency conversion rates. This will provide more
Reset Currency efficiency and accuracy when multicurrency journals
Conversion are created, copied, or edited.
Rates
NB: This feature will be automatically available.4 • Workday 32 will introduce intercompany accounting to
enable you to charge payroll expenses to multiple
companies.
Payroll
NB: This is an opt-in feature and setup is required.
Intercompany
AccountingTax
Tax
1. 2. 3.
Effective Date on Self-Assess Tax Electronic Value
Transaction and at Line Level Added Tax
Withholding Tax Returns for UK
Rates• With Workday 32, an effective date will be specified
1 on transaction and withholding tax rates
NB: This feature will be automatically available.
Effective Date
on
Transaction
and
Withholding
Tax Rates• Workday 32 will enable you to self-assess a portion of
2 the tax on individual transaction lines, providing
additional configuration options on tax rates at the line
level.
Self-Assess NB: This feature will be automatically available.
Tax at Line
Level• Workday 32 will expand the tax declaration framework
3 for the UK by mapping the values from the tax
declaration definitions to the VAT 100 format.
Electronic NB: This is an opt-in feature and setup is required.
Value Added
Tax Returns
for UKRevenue & Customer Accounts
Revenue
1. 2. 3.
and Customer Restrict Print Customer
Accounts Customers by Attachments Lockbox
Company with Customer Payment
Invoices Integration1 • In Workday 32, customers can now be restricted by
selected companies to improve transaction processing.
Restrict NB: This feature will be automatically available.
Customers by
Company2 • Workday 32 allows attachments to be included from
an expense transaction and customer invoice
document on 1 PDF file for easier printing and
Print emailing.
Attachments
NB: This feature will be automatically available.
with Customer
Invoices3 • Workday 32 introduces improvements to payment
applications using the Customer Lockbox Payment
integration. This feature enables payments to be
Customer automatically recorded that reference invoices from
Lockbox multiple bill-to customers.
Payment
Integration NB: This is an opt-in feature and setup is required.Projects
Projects 1. 2. 3.
Ad Hoc Project Exclude Non- Flexible Labor
Transactions for Billable Time for Costing
Spend Revenue Project
Budgets
4. 5.
Configurable Standard Billing
Labor Cost Rate Sheet for
Capitalization Project Budgets1 • With Workday 32, ad hoc project spend transactions can
be created and viewed.
NB: This feature will be automatically available.
Ad Hoc
Project
Transactions
for Spend2 • Workday 32 will exclude nonbillable time transactions
from the calculations of revenue project budget
calculations.
Exclude
Nonbillable NB: This feature will be automatically available.
Time for
Revenue
Project
Budgets3 • Workday 32 will allow multiple companies to be
included on a single rate sheet, and budgeting by
Flexible Labor worker and role.
Costing
NB: This is an opt-in feature and setup is required.4 • With Workday 32, you’ll be able to capitalize standard
cost and fully burdened cost amounts from time
transactions for capital projects.
Configurable
Labor Cost NB: This is an opt-in feature and setup is required.
Capitalization5 • With Workday 32, revenue project budgets can be
created with contract lines that use the standard
billing rate sheet.
Standard NB: This feature will be automatically available.
Billing Rate
Sheet for
Project
BudgetsJamie O’Reilly Consultant - Finance
Banking & Settlement
Banking &
1. 2. 3.
Settlement Cash Forcasting Bank Account Matching Rule
Discussion with Creation. Sets for Multiple
Points Worksheets. Bank Statement
Automatic
Reconciliation.
4.
Suggestion
Rules for
Matching Rule
Sets.• With Workday 32, we'll enable you to leverage
1 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
Cash prepare your cash forecast data with greater
Forcasting efficiency.
with • NB: This is an opt-in feature & setup is required
Worksheets• Workday 32 will enable you to use bank and branch
2 records to help users create worker and settlement
bank accounts. This will ensure better accuracy in
bank payment information and reduce manual entry.
Bank Account NB: This is an opt-in feature & setup is required
Creation• We will improve automatic bank statement
3 reconciliation to increase automation and decrease
manual errors. We'll enable you to include matching
rule sets when you run or schedule automatic multiple
Matching Rule bank statement reconciliation. You will also be able to
Sets for launch single or multiple bank statement
Multiple Bank reconciliations from a single location.
Statement
Automatic NB: This is automatically available.
Reconciliation• We'll update matching rules to support suggestions for
4 automatic 1-to-1 bank statement reconciliations,
helping to reduce manual effort and streamlining bank
statement reconciliations.
Suggestion NB: This is an opt-in feature & setup is required
Rules for
Matching Rule
SetsProcurement & Supplier Accounts
Procurement
1. 2. 3.
and Supplier Configure Multiple Match Supplier
Accounts Default Supplier Companies on invoice
Discussion Spend Requisitions. Adjustments.
Points Categories and
Worktags.
4.
Suppliers and
Units of Measure
for Purchase
Items.1 • Workday 32 will deliver the ability to configure default
spend categories and worktags for non-purchase
order invoice lines based on the supplier, reducing
Configure manual effort and improving data accuracy.
Default
Supplier NB: This is an opt-in feature & setup is required
Spend
Categories
and Worktags• With Workday 32, you will be able to create consolidated
2 requisitions with lines containing multiple companies.
• This will save you time during reconciliation and reduce
the number of requisitions you need to complete.
Multiple
Companies on NB: This is an opt-in feature & setup is required
Requisitions• You'll be able to link transaction lines to supplier
3 invoice adjustment lines, enabling Workday to
populate line information for you.
• Workday will also update your commitments and
Match obligations when you match credit returns on supplier
Supplier invoices with the original purchase documents,
Invoice eliminating the need to track adjustments outside of
Adjustments Workday.
• NB: Automatically available• With Workday 32, you'll be able to enter the same units
4 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
Suppliers and purchase items. This will save you time and effort when
Units of maintaining items for procurement and inventory.
Measure for NB: This feature is automatically available
Purchase
ItemsExpenses
Expenses
1. 2.
Discussion Configurable Receipt
Points Expense Item Scanning for
Attributes Mobile
3. 4.
Central Travel Corporate
Cards Expense Credit
Card Accounting
and Settlement.• With Workday 32, you'll be able to define and customize
1 expense item attributes. This will enable you to capture
more detail on expense reports and spend authorizations,
such as for tax compliance.
Configurable NB: This is an opt-in feature & setup is required
Expense Item
Attributes• You'll be able to scan receipts for the Merchant attribute so
2 you can quickly report expenses through Workday on
Android, iPad, and iPhone.
• NB: This is an opt-in feature & setup is required
Receipt
Scanning for
Mobile• With Workday 32, Workday will update the Visa and
3 MasterCard integrations to support central travel cards and
automatically assign central travel card transactions to
workers for expense inclusion. This will enable you to
Central Travel efficiently track and analyze travel spend so that you can
Cards improve policy decisions, negotiate better travel rates, and
optimize your cash flow.
NB: This is an opt-in feature & setup is required• Workday 32 will enable you to configure your corporate
4 expense credit card account to record credit card
transaction liability and generate its accounting based on
the company. This will expand the accounting and
Corporate settlement process so you can settle transactions between
Expense companies and pay credit card companies before workers
Credit Card include transactions on expense reports.
Accounting
and NB: This is an opt-in feature & setup is required
SettlementCathryn Boyle Lead Consultant - Payroll
Payroll
Experience
and
Engagement
1. 2.
Employee Self Maternity Pay
Service for Schedule
Voluntary
Deductions• With WD32, voluntary deductions via self service
1 will now be introduced.
• NB: This is an opt-in feature & setup is required
Employee Self
Service
Voluntary
Deductions2 • With Workday 32, payroll users will be able to run
report on demand and extract results into predefined
schedule.
Maternity Pay
• NB: Automatically available
ScheduleOperational
Excellence
1. 2. 3.
Smart Payroll Company Retro –
Audit – Phase 1 Costing for Unsupported
Payroll Events
4. 5.
Multiple On Holiday Pay
Demand Enhancements
Replacements1 • Workday 32 will deliver new reports for increased
visibility and control over the payroll audit process
Smart Payroll • NB: Automatically available
Audit – Phase
12 • Workday 32 will enable you to charge payroll
expenses to multiple companies.
Company • NB: This is an opt-in feature and setup is required
Costing for
Payroll3 • With Workday 32 retro will support Retro terminations,
suspend retro results and support retro differences
from other pay groups and companies.
Unsupported • NB: Automatically available
Retro Events –
Phase 14 • With Workday 32 you will be able to process and pay
workers several times in the same pay period through
on demand replacement.
Multiple On
NB: Automatically available
Demand
Replacements5 • Workday 32 will deliver additional configuration
options to reduce manual processing as well as
deployment costs.
Holiday Pay
• NB: This is an opt-in feature and setup is required
EnhancementsCompliance
and Risk
1. 2.
Puerto Rico – IWO Issue Verses
Year End Tax Work
Documents in
ESS
3. 4.
RTI EYU 2019/20
Compliance1 • With Workday 32 Puerto Rican workers’ will now be
able to view/print their year end documentation.
Puerto Rico – • NB: Automatically available
Year End Tax
Documents in
ESS2 • With Workday 32 customers will be able to accept
either Workday default rule or override for certain
types of withholding orders.
IWO Issue
• NB: This is an opt-in feature and setup is required
verses
Work• Workday 32 will automate how you amend your
3 worker's tax details after the year ends with Earlier
Year Updates (EYU) and how you submit them to HM
Revenue and Customs (HMRC).
RTI EYU
• NB: Automatically available4 • Workday 32 will introduce the functionality for the new
tax year.
2019/20
ComplianceThank You / Q&A
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