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  • Manager - Financials Terminology


     
     Term  Definition
    Company Usually represents a legal entity, and is the primary entity for recorded business transactions and financial reports. A Workday company equates to a single tax ID within an enterprise. A company is a type of Workday organization.
    Resource Any item you want to track, from company vehicles to software licenses and access cards. For capital resources, you can capture the acquisition cost and record depreciation based on the depletion schedule attributes. You can also track resource custodianship.
    Project-Based Services Tracks spending for a project or task-oriented endeavor.

    Ex. of project-based services include:
    - Marketing Campaign
    - Landscaping Project

    Purchase orders for deliverable project-based services will display information related to a project including tasks and phases.
    Requisition Templates A collection of goods and services that make the requisition process simpler, faster, and more manageable. Can also control access to private, shared, and public templates.
    Fiscal Year A year period without regard to the calendar year where a company or government determines their fiscal condition. Fiscal years within Workday are created only within fiscal schedules. Each year within that schedule must share the same posting intervals – what differs is the end date from one year to the next.
    Ex. In a 4-4-5 fiscal schedule, the end date of period 1 might be January 23 for fiscal year 2010 and January 25 for fiscal year 2011, but both years share January as period 1.
    Suppliers A business entity from whom you purchase goods or services.
    Supplier Request A proposal made out to the source of goods and/or services that are requested. There is a supplier request business process available to those who have authorization. Once given, as the initiator, you are required to fill minimal information about the suppliers you wish to add, such as name and contact information.
    Purchase Items Goods and services that are not associated with a supplier or supplier contract. Create or edit each purchase item. They differ from supplier catalog items.
    Purchase Item Groups A way to organize goods and services not associated with a supplier or supplier contract. Purchase items can be grouped to facilitate searching, item selection, and reporting. An item might belong to more than one purchase item group.
    Ex. A laptop could belong to both the “office supplies” and the “laptops and desktops” purchase item groups.
    You can either assign purchase items to item groups, or assign a group to an item when creating the item.
    Supplier GroupsA way to organize suppliers of different goods and services into one or many groups that you find useful. Groups are a way to categorize suppliers for reporting and selection. They are also available for use in account posting rules, but not recommended as they are not required, and each supplier can have multiple groups.
    Spend Categories A way to organize, track, and report on business assets. All trackable items must have a spend category. It is likely that the business asset you want to track is already associated with a spend category. Spend categories are a prerequisite for capitalizing business assets and tracking custodianship. For capitalized business assets, make sure that the spend category has a depreciation profile associated with it.
    A spend category is also used as a way to derive the correct ledger account that should be used for the accounting journal. You can specify this in the posting rules for business assets.