Workday Accounts and Finance Training
Learn how to break into Workday Finance and get your dream job easily
- No prerequisite
- Priceless downloadable certified documents (PDF, PPT, XLS, Visio’s, DOC)
- 24*7 Workday Tenant access for 720 hours (one month only)
- 24/7 access to course curriculum for limited duration
- Hands-on support from the trainer
- Interview preparation, job placement, and support
- Remote job placement with this training
- 70+ Real-world projects, examples and case studies
- Interview questions
- Sample resumes for every Workday job
- Flexible schedule to fit your needs
What you will learn
- 10 years of real-time Workday live project experience by our expert
- 500-page cheat sheets with step by step guides are provided
- Learn the organizational, process, and reporting changes.
- In-depth finance fundamentals, AP, AR, GL, Assets, Treasury, banking and settlement, reporting, and analytics concepts
- Execute the major financial events (transactions), perform administrative activities, and perform setup of the core system functionality
- Method of placement: internal client projects, external vendors, direct full time client or partner referrals
- Workday Certification assistance and referral for immediate certification
- Take your career to the next level!
- After this course, you will have the skills to start a successful career in Workday Accounts and Finance.
Our Workday Finance training is designed to help you learn the necessary fundamentals to begin your Workday Financials implementation. In this class, we will execute the major financial events (transactions), perform administrative activities, and perform setup of the core system functionality. Our Workday class will consist of lecture, demonstration, and individual hands-on activities.
This Workay Finance training is designed to provide functional knowledge for learners. If you dream to become a Workday functional consultant then you are in the right place. This online training course is comprehensive with real-time based scenarios delivering practical value to aspirant Workday Professionals. Our intensive training build confidence to hit the job markets and easily clear interviews.
1. Core Concepts and Navigation:
Workday Financials was designed and built to meet the specific needs of today’s finance organizations. Existing ERP systems have difficulty keeping up with the ever-changing needs of today’s businesses. Disjointed, rigid, and hard-to-use, traditional ERP systems can no longer pretend to be the best solution on the market. Workday Financials is the new object-oriented, cloud-computing software solution to handle today’s financial needs and business objectives. As part of this course, we will present a comprehensive overview of Workday Financials including: a product overview, functionality, benefits, roles, business processes, setup, and transactions.
• Describe Workday core concepts.
• Log in to a Workday tenant.
2. Organizations and Worktags:
Workday supports several organization types, but the primary organizational structure for Workday Financials is the Company organization. In this lesson, we will begin by focusing on the Company organization and then look at other common organization types that can be created and maintained. This includes custom organizations, which are required to support your individual business and report requirements.
Financial transactions are grouped and tracked within Company organizations.
• Create a company and attach it to an existing company hierarchy via a reorganization.
• Create new cost centers and include them in a newly created cost center hierarchy.
3. Financial Accounting Setup:
Workday Financial Accounting training provides the capabilities necessary to satisfy the information requirement of investors, creditors, and regulatory authorities in the post -Sarbanes-Oxley business environment. By combining a unique, event-driven accounting approach with a built-in, internal control framework and robust multi-company, multi-currency model, Workday delivers financial records and report with speed, accuracy, and a complete audit trail. The architecture also allows you to adapt to change in your business, as well as new rules and regulations. With Workday Financial Accounting, which is the foundation for all Workday Financial solutions, you can manage all your accounting activity and report on that activity at any time.
• Identify the required security groups for financial accounting setup.
• Configure the mandatory company accounting details.
• Apply the concept of the recommended approach to account set setup.
• Create an Actuals ledger for your new company.
• Create the Ledger and Fiscal year and period.
• Maintain ledger period status.
4. Accounting Journals and Account Posting Rules:
Workday Accounts Training is designed to help you to automates the accounting resulting from business operations. Accounting is generated automatically for operational transactions, intercompany, allocation, depreciation, accruals, and reversals based on accounting policies and rules defined by your accounting and control team. Workday also accepts accounting generated in third-party systems-or spreadsheet uploads and through an intuitive journal user interface. Workday creates journals behind the scenes for operational transactions, and uses posting rules to interpret the business events into debits and credits, and accounts. Journal entries are posted to a ledger defined for each company.
Account posting rules tell the system how to determine what ledger account to post the journal to that results from an operational transaction. Each posting rule is specific to an operational transaction. You must edit these rules to specify the conditions and the ledger accounts to instruct Workday where to post debits and credits
• Identify the required security groups for accounting journal creation.
• Describe how each journal type posts to the journal.
• Create a journal and reversal journal.
• Create an EIB and populate the template.
• Explain the difference between default ledger accounts and determining accounts based on account posting condition rules.
• Explain how Account Posting Rules dynamically determine ledger accounts based on information in a given transaction.
• Articulate why the order of the condition rules matter.
• Analyze how Workday determines which Account Posting Rule will get used for the credit and debit side of each transaction.
5. Supplier and Supplier Invoices:
Workday Supplier Management supports the processes and information necessary to effectively manage your vendors while providing comprehensive supplier Information to people across your organization. Supplier Management uses web-based business communication, transaction processing, and settlement options to:
• Efficiently process supplier invoices.
• Manage payables and settlement.
• Provide cash optimization.
• Maintain strong internal controls with insight into all aspects of enterprise spend.
• Identify the required security groups necessary for supplier invoice and supplier invoice adjustment creation.
• Create a supplier invoice and invoice adjustment, and review the accounting for both documents.
• Maintain the Spend account posting rule by creating an account posting rule condition.
6. Banking and Settlement:
Workday Cash Management consists of banking, settlements, and bank reconciliation tools that enable you to actively manage and optimize the cash inflows and outflows for your organization on a daily, weekly, and monthly basis. Workday automates administrative and control activities, such as bank statement reconciliation, while providing embedded business intelligence, Using Workday Banking and Settlement, companies can automate the coordination and control of cash flow activity.
7. Customers, Customers Invoices and Receipts
Workday Revenue Management takes over after the deal is closed to manage all aspects of revenue “downstream’ from the sale. From registering customers, recording customer contracts, billing and invoicing, managing customer account receivables and cash receipts through revenue recognition to insightful customer and revenue analytics, Revenue Management also works with your CRM solution to complete the opportunity-to-cash business process.
Workday Revenue Management enables you to manage your customer accounts and associated revenue. When you sell items to your customers, you can use Workday to manage the invoices and sales terms, record customer payments and cash sales, and deposit money into the bank. Use actionable reports anytime throughout the cycle to track and analyze your customer account data.
Receivables balances and details are always available in context wherever a customer is displayed within Workday, and also via delivered or customer-created reports. Intuitive tools are available to apply cash, and receivables processing is unified with settlement for processing direct debits and customer refunds.
• Identify the required security groups for customer setup and invoice creation.
• Maintaining customer categories and customer groups.
• Create a customer, customer invoice, invoice adjustment, and review the accounting for both.
• 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 and applicable discount and a write off amount and review the accounting.
• Create customer deposit customer payments and review the accounting.
• Create a customer refund and a cash sale and review the accounting.
8. Bank Reconciliation:
Workday Cash Management consists of banking, settlements, and bank reconciliation tools that enable you to actively manage and optimize the cash inflows and outflows for your organization on a daily, weekly, and monthly basis. Workday automates administrative and control activities, such as bank statement reconciliation,
while providing embedded business intelligence. Using Workday Banking and Settlement, companies can automate the coordination and control of cash-flow activity.
• Identify the required security groups for Bank Reconciliation and Ad-Hoc Bank Transactions bank.
• Create a Manual Bank Statement, create an Ad-Hoc bank transaction to reconcile the stated cash in Workday & bank statement.
• Review Cash-to-Bank Account Balances Reconciliation.
9. Business Asset Setup and Life cycle:
In Workday, an asset is anything you want to track, from tangible capital items like company cars, to intangibles like software licenses or low-cost, high-value items like security badges. Workday separates asset tracking from accounting activities. Your asset tracking specialists can make custodianship decisions without worrying about an asset’s accounting treatment, while your asset accountants can manage how to account for capital asset and changes to asset cost, useful life, etc.This flexibility enables you to track your assets according to business use and account for them according to your accounting practices.
• Identify the required security groups for asset setup.
• Configure a spend account posting rule to handle asset accounting.
• Configure the following elements for the Business Asset Setup process.
10. Financial Reporting:
Workday delivers the gamut of financial reporting. Accounting “workpaper” reports, such as trial balance, ledger detail, and reconciliations provide analysis and control. User-defined, real-time query provides insight whenever and wherever it is needed. And, as with all information in Workday, reports can be rendered in tabular or graphical format for display or download
What you will Learn
• Financial Navigation and Core Concepts
• Organizations and Worktags, Journal Entries and Business Assets – Depreciation
• Workday Standard Reports, Custom Reports, and Financial and Manager Metric Reports
• Setup custom worktags, new company, financial accounting for a company, cost centers and cost center hierarchies.
• Create a custom organization and Configure a Role Based Security group.
• Maintain a Business Process, Create manual/accounting journals online and via EIB using web services.
• Understand how to configure Account Posting Rules and Create a supplier and enter supplier invoices.
• Setup a new bank account and run a settlement.
• Create a customer and enter customer invoices and Complete receipt of customer payments.
• Use Workday to process a period close event and Create a report using Workday Report Writer.