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Workday Financials exam with correct
answers
Industry term: general ledger - CORRECT ANSWERS ✔✔WD term: financial accounting Industry term: budgeting - CORRECT ANSWERS ✔✔WD term: business plans (will soon be called budgets) Industry term: billing - CORRECT ANSWERS ✔✔WD term: revenue managmenet Industry term: A/R - CORRECT ANSWERS ✔✔WD term: customer accounts Industry term: A/P - CORRECT ANSWERS ✔✔WD term: supplier accounts Industry term: Asset management - CORRECT ANSWERS ✔✔business asset accounting/business asset tracking 3 types of organizations - CORRECT ANSWERS ✔✔1. company
- cost center
- region 3 uses for a hierarchy - CORRECT ANSWERS ✔✔1. used for grouping
- used for security
- used for reporting "maintain" will show you: - CORRECT ANSWERS ✔✔an editable grid "find" will show you - CORRECT ANSWERS ✔✔a list of values "view" will show you - CORRECT ANSWERS ✔✔one value What level in a hierarchy can reporting occur at? - CORRECT ANSWERS ✔✔any level What level in a hierarchy can transactions occur? - CORRECT ANSWERS ✔✔bottom level What is a reference ID used for? - CORRECT ANSWERS ✔✔ANY integration system Is a reference ID visable to the end user? - CORRECT ANSWERS ✔✔NO who uses iloads? - CORRECT ANSWERS ✔✔consultants
What is the important step AFTER creating a cost center? - CORRECT ANSWERS ✔✔Assign the cost center to the hierarchy Can a cost center be assigned to multiple hierarchies? - CORRECT ANSWERS ✔✔yes How many custom organizations do you get? - CORRECT ANSWERS ✔✔10 -- once you use them, they're gone! What is the typical way of creating a custom organization? - CORRECT ANSWERS ✔✔typically, create the children, then the parent, then tie them together What is a worktag? - CORRECT ANSWERS ✔✔A tag that goes on a transaction so it can be reported on later What is the relationship between worktags and organizations? - CORRECT ANSWERS ✔✔every organization is a worktag, but not every worktag is an organization what is a derived worktag? - CORRECT ANSWERS ✔✔it comes from the worker, self service transactions what is a related worktag? - CORRECT ANSWERS ✔✔worktags that have other worktags that relate to them
EX: every time I use cost center 111, it also pulls in worktag 222 what is a built in worktag? - CORRECT ANSWERS ✔✔one that is inherently in the transaction what is a basic worktag? - CORRECT ANSWERS ✔✔ex: customer it's a worktag where you don't need/have a lot of information about it (ex: the customer)-- maybe all you need is the name When can I make changes to invoices? - CORRECT ANSWERS ✔✔up until they've been paid (if you view the transaction, look at the payment status, and if it says "unpaid", changes can be made.) What are the 5 types of worktags? - CORRECT ANSWERS ✔✔1. organizations
- derived
- related
- basic
- built-in who should be able to access the cancel/change capability? - CORRECT ANSWERS ✔✔all users
who works with business processes? - CORRECT ANSWERS ✔✔end-users Accounting journals - CORRECT ANSWERS ✔✔manual/spreadsheet journals, user enters the ledger accounts and worktags operational transactions (4) - CORRECT ANSWERS ✔✔-user enters the transaction -no accounting involved -enter/default worktags -submit--->goes through BP steps, when it hits completion you get an OPERATIONAL JOURNAL can an operational journal be modified? - CORRECT ANSWERS ✔✔no, but the transaction that led to the journal can be modified, which in turn will modify the journal what kind of transactions use account posting rules? - CORRECT ANSWERS ✔✔ALL operational transactions, SOME accounting journals In what situations do account posting rules apply to accounting journals? - CORRECT ANSWERS ✔✔1. intercompany/interwoktag
- retained earnings
- gain/loss
For acct posting rules, what order should they be in? - CORRECT ANSWERS ✔✔The most granular should be at the top what is the purpose of the workday standard report? - CORRECT ANSWERS ✔✔it shows you what reports are available & what each report tells you Balancing worktags are REQUIRED for: - CORRECT ANSWERS ✔✔E&G Can balancing worktags be edited once they are turned on? - CORRECT ANSWERS ✔✔NO The company accounting details includes what 3 things? - CORRECT ANSWERS ✔✔1. company & base currency
- fiscal schedule
- chart of accounts can the company accounting details be changed? - CORRECT ANSWERS ✔✔once a transaction goes through the system, they can no longer be changed who sets up the company accounting details? - CORRECT ANSWERS ✔✔whoever comes first (except HCM)
2 ways you can set up account control rulesets - CORRECT ANSWERS ✔✔1. by line
- by entire account/transaction What is the process that must be completed prior to entering any transactions into the system? - CORRECT ANSWERS ✔✔1. company accounting details (company & base currency, fiscal schedule, COA)
- create ledger
- create ledger year & periods
- maintain ledger periods (this is ONGOING) 2 ways to maintain ledger periods - CORRECT ANSWERS ✔✔1. update ledger period status (one company, one period at a time)
- mass update ledger period status What is the formula for available budget balance? - CORRECT ANSWERS ✔✔beginning balance-commitment-obligations-actuals pending journals keep you from: - CORRECT ANSWERS ✔✔closing out a period what is the problem with pending operational journals? - CORRECT ANSWERS ✔✔if it is pending, there's no accounting
when are custom validations used? - CORRECT ANSWERS ✔✔ONLY for business processes--NOT domain ONLY for FINANCIAL transactions What are the 7 types of security groups? - CORRECT ANSWERS ✔✔1. workday assigned
- role based
- user based
- job based 5.segmented
- membership based
- combinations (intersections, aggregations) workday assigned security - CORRECT ANSWERS ✔✔associated with every worker/user in the system (most common) role based security - CORRECT ANSWERS ✔✔attached to an organization role (BUSINESS PROCESSES) user based security - CORRECT ANSWERS ✔✔administrator roles, people doing setup, integrations, etc (DOMAINS) job based security - CORRECT ANSWERS ✔✔similar to role based, but it's an autopopulation driven by criteria associated with your job (can be anyone who meets that job criteria)
can a recurring journal be scheduled to automatically recur? - CORRECT ANSWERS ✔✔NO Document sequence ID's occur at what level? - CORRECT ANSWERS ✔✔they're set up at the tenant level, but can be overridden at the company level Business entity sequence ID occurs at what level? - CORRECT ANSWERS ✔✔they are set up only at the tenant level 4 steps to uploading a journal from a spreadsheet (EIB): - CORRECT ANSWERS ✔✔1. setup the EIB upload process
- generate spreadsheet template for upload
- populate spreadsheet w/ data
- launch the upload & verify the results Can you create custom validations on domain data? - CORRECT ANSWERS ✔✔NO 4 steps to upload a journal from a spreadsheet - CORRECT ANSWERS ✔✔1. setup the EIB upload process (setup)
- generate spreadsheet template for upload (setup)
- populate spreadsheet with data (ongoing)
- launch the upload & verify the results (ongoing)
After an EIB is created, it's now called an: - CORRECT ANSWERS ✔✔integration what format must EIB's be created in? - CORRECT ANSWERS ✔✔XML When updating a journal in the spreadsheet, how do you make it update the existing one, rather than creating another entry? - CORRECT ANSWERS ✔✔put "no" in the add only column can you delete a journal created by EIB? - CORRECT ANSWERS ✔✔NO, because a journal can't be deleted once it has a journal #, and since we created a journal #, it can't be deleted-- only canceled main purpose of customer group - CORRECT ANSWERS ✔✔for searching for a customer (used by end user) GROUPS (4) - CORRECT ANSWERS ✔✔1. always optional (or a cust can be in >1 group)
- designed for searching for a cust by end user
- CAN be used in acct posting rules
- CAN be used in reporting CATEGORIES (5) - CORRECT ANSWERS ✔✔1. required
- can only assign one to each cust, supplier, etc
- can be used for searching
